According to prominent attorney Fred Rispoli, the U.S. Securities and Exchange Commission is going to challenge the court's decisions regarding programmatic sales and other distributions.
The SEC will also argue that Judge Analisa Torres was wrong when it comes to the disgorgement issue.
As reported by U.Today, the SEC initially wanted Ripple to pay a whopping $2 billion worth of penalties. However, the aforementioned sum was trimmed down to just $125 million by the judge.
Stuart Alderoty, Ripple's chief legal officer, has confidently stated that Ripple will emerge victorious in this battle as well. "We look forward to the federal court of appeals finally putting a stake in the heart of Gensler’s misguided attack on our industry," he said.
Alex DovbnyaRispoli believes that the SEC will likely argue that the penalty is going to be too low.
As reported by U.Today, the SEC is expected to file its Form C on Thursday. Its pre-argument statement will contain some hints about the purpose of its appeal. The agency will then present its arguments in great detail in its opening brief.
Will the SEC argue that XRP is a security?
As reported by U.Today, Ripple executives have already stated that XRP's legal status is the law of the land, meaning that it will not be affected by the appeal.
However, Rispoli believes that the agency will try to appeal this issue as well. That said, he is convinced that XRP's legal status is not under threat despite the SEC's possible attempt to challenge it.
"The SEC assuredly won't win on this, but nothing stops it from throwing a few paragraphs at it in an appellate brief," the expert added.
Arman Shirinyan
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov