Pro-XRP attorney Fred Rispoli, founder of the HODL Act, continues to assess the possibility of an SEC appeal beyond the agency’s ability to allow the case to be settled without further action. Following the US District Court of the New York District’s final decision on August 7, 2024, the SEC now has less than a week to decide whether to challenge the decision regarding the sale of Ripple’s XRP tokens. The SEC only has until October 7 to issue a final ruling on the Ripple case.
Will The XRP Case Go Into Overtime?
Rispoli expressed his prediction this weekend on X, saying, “I’m 60/40 in favor of seeing the SEC’s notice of appeal but the stakes are too high for the SEC. Letting it slide (no appeal) means the ‘planned sale’ is one loss.” which only applies to Ripple’s second sale and is SDNY’s separable loss for the SEC.Appealing and having Ripple certified is a huge gift to all plaintiffs in the 2nd Cir who are fighting the SEC (both NY and SEC’s favorite) to oppose that all secondary sales are not investment contracts.”
The dialogue between XRP fans and legal analysts continued on X. Anders, a user identified as @X__Anderson, asked if it would be a better strategy for the SEC to focus on other cases that have the potential to impact the crypto industry at large.
In response, Rispoli agreed with another prominent supporter of XRP, John Deaton, saying, “The reality of the SEC’s chances of success on appeal though largely depends on the three randomly selected judges who will hear it. If the SEC pulls 3 biased SEC judges (rare but possible), it could win.”
Another comment from another user, Wides (@Wides71), suggested that the decision-making process may show deep bias, to which Rispoli responded, “Both. Judicial bias creeps into judicial thinking. Unfortunately, it’s gotten worse (and more obvious) 15 years ago IMO. Parts of the US are still pretty good but many other places are catching up.”
Rispoli’s latest assessment of the possibility of a complaint comes after FOX Business reporter Eleanor Terrett relayed information from a former SEC attorney who revealed a possible complaint from the agency. According to the attorney, there is a strong belief within the SEC that the court’s decision was fundamentally flawed and should be overturned, as reported by Bitcoinist.
Jeremy Hogan, another pro-XRP advocate, criticized the SEC’s approach, insisting that the agency should prioritize investor protection and capital formation. “Of course they thought the idea was wrong – they were on the losing side. What the SEC needs to think about right now is whether the complaint furthers its mandate to protect investors and capital formation. Why doesn’t that make sense? More proof that the SEC has lost the plot.”
At press time, XRP traded at $0.65.
The featured image was created with DALL.E, a chart from TradingView.com