The SEC has declined to comment on whether it will appeal Judge Torres’ decision on the legality of XRP.
With Judge Analisa Torres declaring XRP as a non-security in her summary judgment decision in the Ripple case, many have been pondering the SEC’s next line of action.
In a tweet today, Fox Business journalist Charles Gasparino said the SEC has declined to comment on whether it will appeal the court’s ruling regarding the security status of XRP.
Breaking: @SECGov declines to comment on whether the agency will appeal the @Ripple decision on the legality of #XRP. Stay tuned!
— Charles Gasparino (@CGasparino) July 14, 2023
Gasparino shared the tweet following growing speculations that the securities regulator may appeal the ruling.
Top U.S. Lawyer Thinks Otherwise
It is worth noting that not everyone believes the SEC will appeal the ruling. Top United States-based lawyer Jeremy Hogan is one of the people who share this sentiment.
As reported by Crypto Basic, attorney Hogan believes the SEC will not benefit from appealing any unfavorable ruling from the judge.
According to the pro-XRP lawyer, Judge Torres’ decision about the security status of XRP will become a binding precedent if the SEC appeals her ruling and still loses the case.
Hogan explained that the situation could hurt the SEC’s chances of winning other litigation against crypto-related businesses.
“[…] I’m 90% sure this is what they will do. When they lose, there won’t be an appeal because they don’t want to m*ss up their whole agenda here and enforce these regulations against the crypto space,” said Hogan.
The SEC is embroiled in lawsuits against crypto businesses, including Binance and Coinbase.
SEC’s Statement Regarding Judge Torres’ Decision
Although the SEC refused to indicate whether it will appeal the decision on the legality of XRP, the regulator has previously stated the ruling.
The Securities and Exchange Commission said it is excited that the judge found that Ripple violated the law via its XRP offering in certain circumstances.
Furthermore, the SEC said the court agreed with its argument on multiple issues, especially the fact that the “Howey test governs the securities aspects of crypto transactions.”
However, the SEC said it will continue to review the ruling to determine its next line of action.
