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SEC’s Appeal Delayed: Ripple Case Misconception Cleared by Fox Business Journalist

Fox Business journalist Eleanor Terrett corrects a misconception about the Ripple vs. SEC lawsuit, stating that the SEC can’t appeal immediately but must wait for the court’s final judgment after the penalty stage

Key Takeaways

  • The SEC cannot immediately appeal despite dropping charges against Ripple execs.
  • Host of Crypto Banter, Ran Neuner, had a differing opinion on the appeal timeline.
  • Final judgment and penalty stage will determine when the SEC can file a full appeal.
  • Legal experts speculate that a settlement is likely in the Ripple vs. SEC case.

Fox Business journalist Eleanor Terrett has addressed a significant misconception surrounding the ongoing legal battle between the SEC and Ripple. In a recent post, Terrett clarified that despite dropping aiding and abetting charges against Ripple executives Brad Garlinghouse and Chris Larsen, the SEC cannot file an appeal immediately.

This clarification came in response to Ran Neuner, the host of Crypto Banter, who criticized XRP supporters for celebrating the recent development, asserting that the SEC could now appeal the case sooner. Neuner stated, “All it means is that now the SEC can appeal the case sooner. Previously, they had to wait until the end of the case, but now that they dropped the case – THEY CAN APPEAL IMMEDIATELY.”

Crypto Banter Host Says SEC Can File Appeal Immediately

Contrary to Neuner’s perspective, Terrett explained that the SEC is required to wait until the court issues its final judgment, which will come after the remedy stage of the case. During this stage, the court will determine the penalties Ripple must pay for violating securities laws through the sale of over $700 million worth of XRP to institutional clients.

Terrett disclosed insider information suggesting that more litigation would occur during the penalty stage, with Ripple seeking to reduce the penalty while the SEC aims for a substantial amount. The remedy stage could take several months before a decision is reached, allowing the SEC to file a full appeal next year.

Additionally, the court has set a deadline of November 9 for both parties to propose a briefing schedule for the upcoming remedies.

The SEC had previously expressed its intent to appeal the court’s July 13 summary judgment, which found Ripple’s XRP sales to institutional investors violated securities laws. However, the SEC’s request for an interlocutory appeal was denied by Judge Analisa Torres, who ordered the SEC to wait until all pending issues, including the trial and remedies, are resolved before pursuing an appeal.

With the SEC dropping charges against Ripple executives, legal experts like attorney Jeremy Hogan now believe that a settlement is highly likely in this high-profile case. Hogan summarized the situation by saying that the only remaining legal question is “how big a check Ripple writes to the SEC.”

To Summarize

The ongoing Ripple vs. SEC case continues to be a topic of significant interest in the cryptocurrency and blockchain community. While there was initial confusion regarding the SEC’s ability to appeal following the dropped charges, Eleanor Terrett’s clarification underscores the importance of legal procedures and the likelihood of a prolonged legal process before any potential appeal takes place. Legal experts suggest that a settlement may be the most pragmatic outcome, offering resolution to a case that has captured the attention of the industry for years. Ripple’s future and its impact on the wider cryptocurrency market remain closely watched by investors and enthusiasts alike.