Get ready, folks! The Ripple vs. SEC saga is far from over, and the plot keeps thickening. Fred Rispoli, a sharp-eyed American attorney, is giving us the odds: it's a 60/40 bet that the SEC might drop an appeal bombshell. Why? Because the stakes are sky-high for them!
Quick recap: Back in August, Federal Judge Torres shook things up by ruling that XRP sales to retail investors on secondary markets aren't securities transactions. But Ripple didn't get off scot-free—they were slapped with a $125 million fine for breaking certain securities laws. Not chump change, but way less than the SEC's original $2 billion demand. Naturally, this has everyone buzzing about a possible SEC appeal before the October 7 deadline.
Enter Eleanor Terrett from Fox Business, who spilled the beans that a former SEC attorney thinks the watchdog will “probably” challenge Judge Torres' decision on XRP sales. According to this insider, the SEC believes the ruling is seriously flawed and needs to be overturned.
Rispoli is on the same page, saying there's now a 60% chance the SEC will appeal. If they don't, it would mean Ripple's “programmatic sales” case is just a one-off defeat that only applies to Ripple. But an appeal could be a golden ticket for all those battling the SEC in New York's 2nd Circuit, as it would argue that all secondary sales aren't investment contracts.
Earlier this year, Rispoli predicted the case would wrap up by the end of July with a $25 million penalty for Ripple. But here we are, still in the thick of it.
Ripple recently filed a motion to stay the monetary part of the Court’s Judgment, which Rispoli thinks could be a hint that the SEC is gearing up for an appeal. He said, “Going through all this effort with establishing a trust for the funds boosts chances of an appeal IMO. But ultimately, this is just the safest play for SEC to buy time until the Oct. 7 deadline to appeal.”
So, buckle up! The Ripple vs. SEC drama is still unfolding, and we might be in for more twists and turns. Stay tuned!
