Pro-XRP Legal Expert Shares Expectations If SEC Wins Appeal Against Ripple
25 October 2023 - 8:30PM
NEWSBTC
Pro-XRP legal expert Fred Rispoli has shared some expectations
following Judge Analisa Torres’ order, where she officially
dismissed the US Securities and Exchange Commission’s (SEC) claims
against Ripple’s executives Brad Garlinghouse and Chris
Larsen. SEC Can Still Bring Claims Against Ripple’s
Executives In a post shared on his X (formerly Twitter) platform,
Rispoli noted that the SEC could still file another lawsuit against
Garlinghouse and Larsen if they were to appeal Judge Torres’ ruling
on the programmatic sales and other distributions and get a
judgment in their favor. Related Reading: Bitcoin Spot ETF
Approval: Why Price Could Be Set For 300% Surge His assumption is
based on the fact that the Judge’s latest order showed that the SEC
only dismissed the claims against them with respect to the
institutional sales, as the Commission had alleged that both
Garlinghouse and Larsen aided and abetted Ripple Labs in violating
securities laws with respect to the crypto company’s offers and
sales of XRP. However, he stated that any action would only be
restricted to the programmatic sales and other distributions since
the dismissal with respect to the institutional sales was with
prejudice, meaning a claim cannot be brought again regarding that
particular matter. In July, Judge Torres also ruled that the
institutional sales were investment contracts, which amounted to
them being securities. In line with this, the SEC and Ripple will
move to settle on the latter’s violation of securities laws, with
the firm expected to pay a particular amount as a fine for its
violation of the act. Token price clears $0.54 resistance |
Source: XRPUSD on Tradingview.com Will The SEC Appeal Judge’s
XRP Decision? As to whether the SEC will appeal Judge Torres’
ruling on the programmatic sales and other distributions, Rispoli
seemed to suggest that that was unlikely as the SEC was more
focused on crunching the numbers (probably the monies Ripple will
pay as fine) and “wrap this one up for good.” In a subsequent post,
he also mentioned that there was the possibility that they received
assurances from the SEC to not file an appeal as one would expect
that Garlinghouse and Larsen’s “high-powered attorneys” would have
asked that the SEC dismissed all the claims, including the ones
relating to the programmatic sales and other distributions.
Related Reading: Bitcoin: On-Chain Tracker Points Out Interesting
Difference Between Current And Past Rallies Interestingly, Rispoli
had once predicted the likely outcome of this case as he had stated
that the SEC was unlikely to drag Ripple’s executives through a
trial and that they had only brought forward the claims against
them in order to force Ripple into a “weak settlement position.”
The SEC is also unlikely to appeal, going by pro-XRP legal expert
John Deaton’s comments when he suggested that the ETH Gate saga may
have forced the SEC into what Ripple’s Chief Legal Officer Stuart
Alderoty has described as a “surrender.” Featured image from
U.Today, chart from Tradingview.com
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