SEC vs. Ripple: Court Filing Spurs Speculation on SEC Appeal
On September 4, Ripple filed for a stay of the monetary portion of the August 7 judgment, fueling speculation about a possible SEC appeal against rulings from the SEC vs. Ripple case.
According to the filing, the SEC consented to Ripple placing 111% of the $125 million penalty with its counsel. The stay will remain effective for 30 days beyond the 60-day appeal window.
Notably, there were mixed reactions to the court filing.
Pro-crypto lawyer Fred Rispoli saw an increased chance of an SEC appeal, saying,
“IMO 60/40 in favor of appeal.”
Conversely, pro-crypto lawyer Jeremy Hogan downplayed the chances of an appeal, stating,
“Most likely the SEC just hasn’t made a decision whether it will appeal yet. Why? Filing a Notice of Appeal – see sample below – takes only 15 minutes (you file the Notice and then have 70 days to file the actual brief). If the decision to appeal was already made, there’s no reason to delay filing the Notice – especially when you think it’s bad case authority out there.”
From Monday, September 2, to Saturday, September 7, XRP was down 4.44% to $0.5234. XRP fell to a Friday low of $0.5027 before retaking the $0.52 handle.
