NewsRipple vs. SEC Appeal Explained: Will Commissioners Vote, and How Can SEC Appeal a Year-Old Ruling?
Anjali Belgaumkar27 Sept 20242 min read
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) over XRP has been one of the most important cases in the cryptocurrency industry. As the case reached its conclusion in August 2023, attention has shifted to whether the SEC will appeal the decision before the October deadline.
Stuart Alderoty, Ripple’s Chief Legal Officer, believes that the SEC is likely to file an appeal against Judge Torres’ ruling, which could escalate the case to the Supreme Court. He remains confident that Ripple would win there as well. The SEC has until October 7, 2024, to file the appeal.
Journalist Eleanor Terrett recently shared insights from a former SEC lawyer, who suggested that the SEC is “likely” to appeal the July 2023 ruling, particularly regarding XRP’s programmatic sales. The lawyer explained that many within the SEC feel the decision was incorrect and should be challenged in court.
Meanwhile, a user on social media asked Marc Fagel, a former SEC lawyer, if the decision to appeal would require a vote by the SEC commissioners. Fagel responded that although he wasn’t certain, it’s possible the delay in filing an appeal could be due to an internal vote, as the rules aren’t clear on this matter. However, Terrett replied and said, “I was told it needs Commission approval.”
In response to comments about the lengthy appeal process and questions about ‘How can you wait over a year to appeal?’, Fagel clarified that the delay has more to do with federal litigation rules rather than securities law. In this case, the appeal could only be filed after the final judgment, which took a year due to ongoing litigation over remedies.
This extended timeline has left many in the crypto community frustrated, as appeals in other areas of law typically happen within 30 days. However, the complex nature of securities regulation and federal litigation has made this case a prolonged and intricate legal process. Ripple news continues to unfold, with many eagerly watching the SEC’s next move.
