Coinspeaker
XRP Lawsuit: SEC Has Only 10% Chance of Winning an Appeal, Ripple CLO Boasts
Despite an earlier court decision that fined Ripple to the tune of $125 million, the U.S. Securities and Exchange Commission (SEC) may be yet unappeased. As it stands, concerns linger within the crypto community that the last of the XRP lawsuit is yet to be heard. This follows after reports filtered through that the SEC might be set to take the matter to an appeal court.
XRP Lawsuit Might Go to Appellate Court
Although this is a possibility, Ripple Chief Legal Officer Stuart Alderoty is not overly worried about what might be the outcome. According to Alderoty, the SEC has just a measly 10% chance of winning the appeal. That is, if the regulator truly goes through with it.
He shared this view in a recent interview, noting that Ripple is looking at the XRP lawsuit being finally resolved within the next 24 days. The company executive also mentioned that Ripple is working on paying the $125 million penalty so as to bring the case to a close as soon as possible.
However, he weighed in on the SEC’s decision to appeal the recent court ruling on XRP. According to Alderoty, history does not exactly favour appellants as less than 10% of appeals in the higher courts have resulted in the reversal of lower court decisions.
In this light, the Ripple CLO noted that appealing would amount to a sheer waste of time, and if the SEC were rational, it wouldn’t engage in it. Alderoty, however, was also quick to note that the SEC is far from rational, having proven that several times in the past. Therefore, Ripple is more than ready to see the regulator come at it again.
Be that as it may, Alderoty insists that the court’s ruling on the case is clear. That is, XRP secondary market sales are not classified as securities under current law.
Future Prospects for XRP
While the curtain draws on the XRP lawsuit, market analysts are observing with keen interest what the future holds for XRP. Most especially, in the area of Ripple, possibly floating an XRP exchange-traded fund (ETF) soon. So much so that industry giants like Binance US are already hinting at putting the SEC lawsuit behind and helping the altcoin to embrace the future.
Moments ago, the XRP price briefly surged past the critical support level of $0.60. However, a wider market volatility has now pushed it under. As of publication, CoinMarketCap data showed the XRP price exchanging hands at $0.5682, up 0.17% in the last 24 hours.
XRP Lawsuit: SEC Has Only 10% Chance of Winning an Appeal, Ripple CLO Boasts
