NewsRipple News: Why is SEC’s Gary Gensler Waiting Till The Last Day To File The Appeal?
Anjali Belgaumkar1 Oct 20242 min read
The U.S. Securities and Exchange Commission (SEC) has only a few days left to appeal the recent ruling in the Ripple case, with the deadline set for October 7th. A previous court decision declared that secondary sales of XRP were not considered securities, a significant win for Ripple. However, the SEC may still challenge this verdict.
Criticism toward the SEC has mounted, with some pointing out that the agency’s current regulations are insufficient for the evolving cryptocurrency landscape. As the appeal deadline nears, tensions between Ripple and the SEC are intensifying, leaving the crypto community on edge about a potential late-stage appeal that could prolong the legal battle.
Amid the ongoing uncertainty surrounding the SEC’s potential appeal in the Ripple case, a curious XRP holder asked former SEC attorney Marc Fagel why the agency might wait until the very last day, October 7th, to file an appeal.
Should The XRP Holders Be Worried?
The user speculated that such a delay might seem dramatic or even partisan. Fagel dismissed the idea that partisanship played a role, attributing the delay to the SEC’s internal authorization process, which he described as “slow and cumbersome.” He added that, while he had no direct insight into the agency’s decision-making in this case, his past experience with the SEC suggests that major decisions take time.
Fagel also pointed out that the timing of the decision should not worry XRP holders, as the court’s ruling already determined that secondary sales of XRP are not securities. In response to concerns about the SEC’s slow pace, Fagel shared his personal frustration with the agency’s decision-making process, noting that it often moves more slowly than he would like.
He added that, while he initially thought an appeal was certain, the situation had become less predictable. Without any vested interest in crypto trading, he also clarified that he had no knowledge or insight into how the legal developments would affect XRP’s price.
