{"id":959,"date":"2024-10-10T15:33:26","date_gmt":"2024-10-10T15:33:26","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=959"},"modified":"2024-10-10T15:33:26","modified_gmt":"2024-10-10T15:33:26","slug":"pro-xrp-lawyer-breaks-down-ripples-next-steps-in-sec-appeal","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=959","title":{"rendered":"Pro-XRP Lawyer Breaks Down Ripple\u2019s Next Steps In SEC Appeal"},"content":{"rendered":"
\n

In an interview<\/a> on Crypto Law TV, attorney James Murphy, also known as \u201cMetaLawMan,\u201d sat down with host Kristi Warner to discuss the latest developments in the XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC). Murphy discussed the SEC\u2019s recent appeal and the potential avenues Ripple might explore in response.<\/p>\n

Murphy began by affirming his anticipation of the SEC\u2019s decision to appeal Judge Analisa Torres\u2019 summary judgment, which had ruled that Ripple\u2019s institutional sales of XRP were unregistered securities, while clarifying that XRP itself is not a security. \u201cI thought that the SEC would appeal,\u201d Murphy stated. \u201cAnytime you lose some or all of a case, you can appeal after final judgment is entered.\u201d<\/p>\n

He emphasized that the SEC\u2019s attempt at an interlocutory appeal<\/a>\u2014a mid-case appeal\u2014signaled their dissatisfaction with the initial ruling. \u201cThey were so horrified by the decision of Judge Torres ruling that XRP is not a security [\u2026] that horrified them, and they tried to appeal immediately,\u201d he noted.<\/p>\n

Murphy outlined the primary issues he believes the SEC will focus on during the appeal. Most importantly, the SEC is likely to contest Judge Torres\u2019 determination that transactions of XRP on secondary markets were not investment contracts. \u201cThat, I think, is extremely likely issue number one on appeal,\u201d Murphy said.<\/p>\n

Furthermore, the SEC may also challenge the judge\u2019s decision to award zero disgorgement, a remedy requiring the violator to pay back ill-gotten gains. Murphy explained that recent precedent in the Second Circuit Court of Appeals requires victims to have suffered monetary losses for disgorgement to be applicable. \u201cThe SEC didn\u2019t have tha 8 [\u2026] The retail XRP holders were the ones who were hurt,\u201d he added.<\/p>\n

Although less probable, Murphy mentioned the SEC might dispute the $125 million civil penalty<\/a> imposed on Ripple. \u201cI think this would be a very, very weak argument [\u2026] The judge has a lot of discretion,\u201d he opined.<\/p>\n

XRP Lawsuit: Will Ripple Cross Appeal?<\/h2>\n

Murphy also discussed the reactions by CEO Brad Garlinghouse and CLO Stuart Alderoty hinting at a possible cross-appeal, as Bitcoinist reported<\/a>. Murphy expressed strong support for this move, particularly concerning the classification of institutional sales as investment contracts.<\/p>\n

\u201cI\u2019m a very big fan of bringing a cross-appeal in this case,\u201d he asserted. Murphy argued that institutional buyers purchased XRP at wholesale prices for resale, akin to wholesalers buying commodities like oranges or diamonds\u2014not as investments in Ripple\u2019s enterprise. \u201cThey were not investing in Ripple [\u2026] It\u2019s not an investment contract,\u201d he emphasized.<\/p>\n

Murphy provided a detailed timeline of the appeals process<\/a>, indicating that both parties have specific deadlines to file briefs and identify issues for appeal. He estimated that a final decision from the Second Circuit Court of Appeals might not arrive until the first quarter of 2026. \u201cThe rule of thumb is it\u2019s going to be a little over a year [\u2026] So my guess is somewhere in the neighborhood of the first quarter 2026 we will see a decision,\u201d he projected.<\/p>\n

He also mentioned the possibility of various industry stakeholders filing amicus briefs<\/a>, which could potentially extend the timeline. \u201cI think we\u2019re going to see a lot of amicus briefs filed [\u2026] Coinbase is clearly signaling this is extremely important,\u201d Murphy said.<\/p>\n

At press time, XRP traded at $0.52.<\/p>\n

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

In an interview on Crypto Law TV, attorney James Murphy, also known as \u201cMetaLawMan,\u201d sat down with host Kristi Warner to discuss the latest developments in the XRP lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC). Murphy discussed the SEC\u2019s recent appeal and the potential avenues Ripple might explore in response. […]<\/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-959","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\/959","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=959"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/959\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}