According to Fox Business reporter Eleanor Terrett, a former SEC attorney once did predicted that the agency will eventually appeal the Ripple case.
The SEC’s appeal will center on a controversial court decision in July 2023, which recognized secondary XRP sales as non-securities.
Lawyers cited by Terrett claimed that “everyone” at the agency believes the controversial decision made by U.S. District Judge Analisa Torres was actually “wrong.”
Notably, the decision was met with many critics, including U.S. District Judge Jed Rakoff reject the idea of drawing distinctions based on how tokens are sold.
Follow final judgment in Ripple’s case, there is a lot of speculation about the SEC’s next steps.
Related
It is worth noting that the agency was supposed to appeal the case on October 7.
Stuart Alderoty, Ripple’s lead attorney, said he would not be surprised by the SEC’s appeal. However, he believes XRP’s legal status will not be affected as it is “the law of the land”.
As reported by U.TodaySEC boss Gary Gensler recently reiterated that he views Bitcoin as a commodity.
However, the legal status of most other tokens remains unclear.
Earlier this month, attorney Fred Rispoli argued that the XRP community should not worry about a possible SEC appeal as the ruling stands Impossible to be changed until at least 2026.
