In a surprising turn of events, the XRP community was set abuzz when news of the SEC's purported dismissal of an appeal in the ongoing lawsuit against crypto firm Ripple gained rapid traction on social media giant Twitter. However, this viral frenzy was soon put to rest as it was revealed that the widely circulated order extinguishing the appeal was, in fact, a fake.
Distinguished legal experts renowned within the cryptocurrency sphere have weighed in on the situation. Jeremy Hogan, a prominent figure in the crypto legal landscape, dismissed the fake SEC posting and emphasized that if an interlocutory appeal were to be pursued, its filing would likely take place within the coming week. The absence of a stringent deadline was noted, yet the timing beyond the 30-day mark is illogical.
John Deaton, another influential figure in the field, concurs with the sentiment that an appeal might be on the horizon, while expressing skepticism about the SEC's intentions to pursue such a course.
Although I’m not convinced the SEC will appeal. I wouldn’t if I were them.— John E Deaton (@JohnEDeaton1) August 9, 2023
Earlier, another legal expert, James "MetaLawMan" Murphy, elucidated various potential pathways for the SEC. These include filing an interlocutory appeal, a trial on the aiding and abetting claim against key Ripple figures, a strategic withdrawal of said claim, or even the contentious prospect of a settlement. Murphy's analysis underscored the complex web of considerations the SEC faces, notably the far-reaching implications of each decision on the crypto industry's regulatory landscape.
At the heart of the matter lies a pivotal federal court ruling from mid-July. The court deemed that the sale of XRP on the secondary market did not constitute a securities offering, yet it designated specific sales to institutional investors as such.