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The court acknowledged the United States Securities and Exchange Commission's (SEC) appeal against some aspects of Judge Analisa Torres’s July 13, 2023, ruling in favor of Ripple. It was docketed Oct. 4 on the U.S. Court of Appeals for the Second Circuit PACER docketing system.
SEC adds Garlinghouse and Larsen in appeal
According to popular defense lawyer James Filan, the case title is Securities and Exchange Commission v. Ripple Labs Inc., and the docket number is 24-2648. This docketing has formally confirmed the appeal.
Alex DovbnyaIn the meantime, there is no information about when the hearing will be held. Apart from the SEC, categorized as the appellant, Ripple Executives Brad Garlinghouse and Chris Larsen were named the appellees.
This move has triggered some conversation in the crypto community, with many wondering about the regulator's motive for such action. Recall that the SEC failed to prove its claims against both the exchange's CEO and the co-founder in the past. Notably, the agency appears to revisit other cases from the previous proceedings. It could even target the dismissal of those claims.
Ex-SEC lawyer Marc Fagel suspects that this may be the case. Many industry observers are getting frustrated over the SEC’s tactics. This is because the Ripple CEO is no longer directly involved in the XRP lawsuit since the regulator withdrew its suit against him earlier.
As it stands, the XRP community would have to brace up for whatever may come their way.
Uncertainty trails Ripple lawsuit
In a recent episode of the "Thinking Crypto" podcast, attorney Fred Rispoli assessed the odds of the SEC's win against Ripple. The attorney is confident that the San Francisco-based firm has all it takes to bring the agency down, but there is a conditional clause. He believes the blockchain payment firm's fate is hinged on the panel that handles the case.
Gamza Khanzadaev"If there's a panel that has a long history of agreeing with the government on everything, SEC's chances go up. You know, there could be a 70, 80% chance that they're going to win," he stressed.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team