Former SEC Lawyer Reveals Why the Commission Will Likely Appeal Ripple’s XRP Case

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Many people have been looking forward to the October deadline to see if the SEC will appeal the case against Ripple. This follows an August 7 ruling in Ripple’s favour that requires the blockchain company to pay only a fine of $125 million, a significant reduction from the $2 billion demanded by the SEC.

Rather than appeal that decision, the case could take another turn as it looks like the SEC may appeal the July 2023 ruling instead.

Eleanor Terrett, a FOX journalist, recently shared insights from a former SEC lawyer regarding the likelihood of the SEC appealing Judge Torres’s July 2023 ruling on the $XRP programmatic sales in the Ripple case.

The former lawyer expressed that the SEC is inclined to appeal because “everyone over there truly believes that the decision is wrong, that it’s not good law, and should be appealed.” Terrett noted that she plans to explore the SEC’s options further as the October 7th appeal deadline approaches.

🚨NEW: A former @SECGov lawyer who recently left the agency tells me the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the $XRP programmatic sales in the @Ripple case partly because: “everyone over there [at the SEC] truly believes that the decision is…
— Eleanor Terrett (@EleanorTerrett) September 26, 2024

Adding to the conversation, lawyer Jeremy Hogan weighed in on the SEC’s position. He pointed out that the SEC’s belief in the incorrectness of the ruling is expected, given that they were on the losing side of the case.

However, Hogan emphasized that the SEC should prioritize whether pursuing an appeal aligns with its core mission of investor protection and capital formation. He noted, “Why isn’t that top of mind? More evidence the SEC has lost the plot.”