{"id":684,"date":"2024-10-04T10:31:44","date_gmt":"2024-10-04T10:31:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=684"},"modified":"2024-10-04T10:31:44","modified_gmt":"2024-10-04T10:31:44","slug":"pro-xrp-lawyer-secondary-market-status-safe-despite-sec-appeal-vs-ripple","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=684","title":{"rendered":"Pro-XRP Lawyer: Secondary Market Status Safe Despite SEC Appeal Vs. Ripple"},"content":{"rendered":"
\n

On Wednesday, the US Securities and Exchange Commission (SEC) officially initiated<\/a> an appeal process against the final ruling in the case against Ripple Labs. The specific grounds of the SEC\u2019s appeal remain undisclosed so far, leaving the XRP community in the dark. However, pro-XRP lawyer Bill Morgan has clarified<\/a> via X that the secondary market status of XRP, e.g. its sale on crypto exchanges in the US, is not up for debate.<\/p>\n

XRP Status On Secondary Market Is Safe<\/h2>\n

Morgan highlights the distinction between different types of sales, emphasizing the nature of those that were contested in court. \u201cThere is some confusion in this matter about the issue of secondary sales,\u201d Morgan notes on X, explaining, \u201cSome people treat Ripple\u2019s sales by the programmatic means to retail investors via exchanges as secondary sales.\u201d<\/p>\n

Morgan elaborated that the court\u2019s decision did not address secondary sales<\/a>. He writes, \u201cJudge Torres did not rule on secondary sales in the sense of sales made by you and I if we go onto an exchange and sell XRP to other retail investors.\u201d He points out that this particular type of transaction remains outside the scope of the appeal. \u201cThe judge made this clear in a footnote in the summary judgment decision,\u201d Morgan adds, clarifying that \u201cThat issue was not decided and therefore cannot be the subject of the appeal.\u201d<\/p>\n

The scope of the SEC\u2019s appeal, according to Morgan, is narrowly focused. \u201cThe appeal in terms of liability is limited to the programmatic sales or other sales and distributions of Ripple,\u201d he states. Morgan also suggests the appeal could expand into other legal territories: \u201cThe appeal could of course extend to issues concerning the penalty, injunction, and disgorgement issues.\u201d<\/p>\n

In a recent conversation, Morgan recalled discussions with former SEC attorney Marc Fagel. \u201cI recall that we both agreed that it was most likely, although not certain, that the appeal will be limited to the issues concerning programmatic sales and other distributions,\u201d he shared, indicating a consensus on the likely focus of the SEC\u2019s challenge.<\/p>\n

Meanwhile, FOX Business journalist Eleanor Terrett brought<\/a> attention to the procedural aspects of the appeal process via X today. She reported, \u201cThe SEC has not filed its Form C with the Second Circuit yet which will detail what exactly they\u2019re appealing. They need to do that pronto so that Ripple knows how to proceed.\u201d She also noted that Ripple is on a deadline for its response, saying, \u201cRipple also has 14 days from today to file a cross-appeal if they choose to.\u201d<\/p>\n

Expectations are high within the legal community that Ripple will respond with a cross-appeal. Morgan commented on this, stating simply, \u201cI find it difficult to believe Ripple will not file a cross-appeal.\u201d Fred Rispoli, founder of HODL Law, forecasted via X, \u201cSEC appeals. Ripple will cross appeal. SEC\u2019s company-ending district court cases against Coinbase and Kraken continue. Life continues. Don\u2019t freak out.\u201d<\/p>\n

Notably, Ripple\u2019s Chief Legal Officer (CLO) Stuart Alderoty also suggested<\/a> in his latest post on X that a cross-appeal is being considered, signaling ongoing strategic planning within Ripple in response to the SEC\u2019s legal moves.<\/p>\n

At press time, XRP traded at $0.5281.<\/p>\n

\"XRP<\/div>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, the US Securities and Exchange Commission (SEC) officially initiated an appeal process against the final ruling in the case against Ripple Labs. The specific grounds of the SEC\u2019s appeal remain undisclosed so far, leaving the XRP community in the dark. However, pro-XRP lawyer Bill Morgan has clarified via X that the secondary market […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-684","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=684"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/684\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}