In a recent turn of events, crypto lawyers appear to hold different views over the importance of Judge Analisa Torres’ ruling rejecting the United States Securities and Exchange Commission’s (SEC) planned appeal against Ripple. While many see this as a substantive win for Ripple in its ongoing lawsuit against the SEC, some legal pundits advise the public to withhold their zeal.
Adding a fresh perspective to the discussions, Bill Hughes, a lawyer at blockchain firm Consensys, stated that he’d anticipated the SEC’s appeal rejection, explaining that such appeals seldom go through at this stage of a trial. However, in a contrasting stance, crypto lawyer Jeremey Hogan referred to the court’s decision as damning for the SEC. Hughes disagreed, stating that the Judge’s ruling was case-specific, adding that it was fine for the SEC in the context of their broader regulatory agenda.
Meanwhile, Gabriel Shapiro, the General Counsel at Delphi Labs, urged crypto advocates to exercise restraint, highlighting that the ruling was not an outright defeat for the SEC. He explained that while the motion for appeal had, indeed, been turned down, the SEC could still contest the case at a later date. To quote him, “It doesn’t mean the SEC ‘lost its appeal’… it means that if the SEC wants to appeal it has to appeal everything at once after the trial.”
It is critical to note that Scott Chamberlain, an entrepreneurial fellow at the ANU College of Law, believes the refusal could possibly be more significant for Ripple than most acknowledge. He states that the SEC, even though able to appeal later, is left with a ‘shitty’ factual record that makes a successful appeal more arduous. Also, any subsequent appeal by the SEC will most likely reach the Supreme Court, with no major legal issues remaining, he adds.
Meanwhile, Ripple’s CEO, Brad Garlinghouse, used social media as a platform to express his buoyancy about the recent events. As highlighted in the most recent court order, the trial on the matter is scheduled for April 23, 2024. The SEC, if it chooses to file an appeal, will have to wait until the conclusion of the trial. This long-drawn case between the SEC and Ripple, a notable player in the crypto world, will undoubtedly have a significant impact on the perception and regulation of the entire crypto industry. So, as we watch events unfold, it’s clear the Ripple narrative is far from over.
Source: Cointelegraph
