Welcome to Extreme Investor Network, where we provide you with unique insights into the world of the stock market, trading, and Wall Street. Today, we’re diving into the recent developments surrounding Ripple and the SEC, and how it could impact the company’s US expansion plans.
Ripple recently paid a hefty $2 billion penalty, but the absence of an injunction could have a significant impact on its US expansion plans. The SEC may choose to appeal the penalty, the lack of an injunction, or both. Legal experts, however, are predicting that the SEC is more likely to target the Programmatic Sales ruling instead.
In a surprising turn of events, Judge Analisa Torres ruled in July 2023 that programmatic sales of XRP do not satisfy the third prong of the Howey Test. This ruling has sparked speculation about a potential appeal from the SEC.
Former SEC lawyer Eleanor Terrett shared insights from a conversation with a former SEC lawyer, who indicated that the agency is likely to appeal the ruling on XRP programmatic sales. According to the source, the SEC believes that the decision is wrong and should be appealed.
Another former SEC attorney, Marc Fagel, also supported the idea of an appeal against the Programmatic Sales ruling. However, Fagel pointed out that the appeal strategy may not involve the question of whether XRP itself is a security, aligning with the SEC’s recent approach in the Binance case.
The chances of an SEC appeal are not set in stone, but pro-crypto lawyer Fred Rispoli has raised the likelihood of such a move. As the situation continues to unfold, it will be crucial to monitor any updates and developments in the Ripple-SEC saga.
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