Highlights
- Ex-SEC lawyers see a potential advantage for the agency in Ripple SEC case appeal.
- Appellate court’s “de novo” review standard may give SEC an edge in the case.
- XRP price has rallied over 10% over the last 30 days, breaking major price levels.
The Ripple SEC case has gained notable traction recently with anticipation soaring as the deadline nears for the US SEC’s potential appeal. Many in the crypto community are expecting a last-minute appeal by the agency in the XRP lawsuit, which could further extend the long-running legal battle in the digital assets’ space. Amid this, ex-SEC lawyers highlight the potential advantage of the US SEC, if it moves ahead with an appeal in case.
Ex-SEC Highlights Agency’s Benefit In Ripple SEC Case
In a recent X post, FOX Journalist Eleanor Terrett said that US SEC insiders believe the ruling on XRP programmatic sales was incorrect. Reacting to that, ex-SEC lawyer Marc Fagel reacted expressing his concerns over Judge Torres’s July 2023 ruling in the Ripple SEC case.
Echoing the views of the SEC insiders, that Terrett cited, he suggests that although the ruling might be flawed, the uncertainty of an appeal’s success has kept the agency hesitant. Notably, the primary issue is the lack of evidence by the SEC to prove that Ripple’s promotional materials were presented to buyers. He believes that it is a crucial aspect of the agency’s case.
Meanwhile, the lack of this connection, according to the Judge, weakens the SEC’s stance that buyers had a “reasonable expectation of profit” from Ripple’s efforts. This ruling has sparked discussions and speculations that the agency’s argument may not hold up in an appeal.
However, another ex-SEC lawyer James Farrell highlights the key advantage of the agency in the XRP lawsuit. He said that the appellate court operates under a “de nove” review standard, meaning it can reevaluate the evidence without considering Judge Torres’s findings.
This fresh review could present an opportunity for the agency to reintroduce its testimony that was previously excluded. In other words, the US SEC could find an advantage in the appellate court, which could give the agency a crucial edge in the case.
Investors Keeping Close Track Of XRP Price
The crypto community appears to have different opinions on the potential appeal in the Ripple SEC case. For context, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty believe that the “XRP case is over” and the agency might not move ahead with any appeal.
However, many in the community anticipate a last-minute US SEC appeal, which could prolong the case further. Considering all these aspects, the investors are keeping a close track of the XRP price, to understand the market sentiment as the October 7 deadline nears.
During writing, XRP price was down 2.4% to $0.6241, with its trading volume soaring 58% to $2.64 billion. Notably, the crypto has touched a high of $0.6622 in the last 24 hours, while noting gains of over 10% over the last 30 days.
Meanwhile, there could be a flurry of reasons that could have helped XRP to break the key levels recently, while bullish comments from the Ripple executives have further fueled sentiment. For context, Ripple President Monica Long has recently shared insights on Ripple stablecoin RLUSD, XRP Ledger, and other key aspects of the firm.
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