SEC Likely To Forego Appealing Ripple Ruling, Cites Strategic Risks
Recent market developments indicate that the prolonged Ripple vs. SEC lawsuit may be approaching resolution. According to a recent report, the SEC is considering not appealing Judge Analisa Torres’ recent partial summary judgment in favor of Ripple Labs. This suggests a significant strategic pivot for the SEC, possibly aimed at averting further escalation of the case in higher courts.
As the crypto community awaits the court’s decision on the remedies phase expected by the end of Summer 2024, speculation arises about the SEC’s possible next steps, as reported by Crypto News Flash.
Kristina Littman, formerly head of the SEC’s Enforcement’s Cyber Unit, discussed during a recent digital assets conference, suggesting that based on precedents in comparable cases, the SEC may be inclined to accept the District Court’s ruling.
Littman also highlighted a potential judicial discord that could complicate the appeal process. She noted, “There is speculation that Judge Rakoff and the Terra opinion explicitly disagreed with Judge Torres’ reasoning in the Ripple case. Meanwhile, Coinbase, although not directly addressing the Ripple opinion, appears to adopt the Terra logic.”
This divergence in judicial interpretations suggests a complex landscape for potential appeals and underscores uncertainty regarding future legal outcomes in the Ripple vs. SEC litigation.
Meanwhile, a US district court judge has referred the Ripple case to a magistrate judge for settlement, following the court’s partial granting and denial of the defendant’s motion for summary judgment in the Zakinov vs. Ripple lawsuit. The judge’s decision also set aside the Southern District of New York court’s ruling that XRP programmatic sales do not constitute securities, sparking intense debate within the XRP community.
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