The recent news regarding the SEC's decision to appeal Judge Torres' ruling has stirred significant anticipation in the crypto community. Many speculated that the watchdog might refrain from this move, given the slim chances of success. However, the announcement still led to a sharp drop in XRP's price, which plummeted over 12%, catching many traders off guard.
Attorney Fred Rispoli weighed in on the SEC's chances of winning the appeal during an appearance on the "Thinking Crypto" podcast. He highlighted that the success of the SEC largely hinges on the composition of the case panel. If the panel has a history of siding with the government, he estimates the SEC's odds could rise to between 70% and 80%.
Importantly, the SEC has yet to clarify which specific aspects of the ruling it is appealing. This detail is crucial, as it will significantly influence the case's outcome. Judge Torres had previously determined that while institutional XRP sales qualify as investment contracts, programmatic sales on exchanges do not, and she notably reduced the fines initially proposed by the SEC by over 90%.
October 2024, Cryptoniteuae