Ripple’s CTO, David Schwartz, has addressed the recent move by the US Securities and Exchange Commission (SEC) in response to a significant decision regarding Ripple’s XRP token. Judge Analisa Torres ruled that XRP is not a security, which was a major victory for Ripple. However, the SEC is now seeking to quickly appeal another aspect of the decision, sparking internal debate among XRP holders and experts.
Schwartz has clarified on Twitter that the SEC’s appeal is legitimate, as the lawsuit is still ongoing and they have the right to appeal. While this is an unusual case for the SEC, the “interlocutory” appeal is a way to expedite the year-long process. It allows them to quickly address various decisions made by different judges in a single attempt.
Schwartz emphasized the need for diligence in handling the appeal, as it could further prolong the already lengthy legal process. He explained that the court will only determine what the defendants may have done wrong, without interrupting the main case.
Legal expert Jeremy Hogan has described the SEC’s move as a “non-motion appeal.” It is a request to file an appeal and not an appeal itself. Despite this, Ripple disagrees with the idea and believes that the main Ripple vs SEC case should continue while the appeal is being dealt with.
In response to speculation that the SEC may appeal Judge Torres’ verdict to higher courts, many in the Bitcoin community view Schwartz’s statement as a response. One crypto analyst, JacktheRipple, stated that the appeal will have no impact on XRP and predicts that it will soon reach $10K and surpass Bitcoin. Some speculate that the SEC targeted XRP to slow down Ripple and allow other companies to develop their technology, preventing Ripple from monopolizing cross-border payments.
Moving forward, if the SEC’s appeal is approved, there are three possible scenarios. Firstly, it may impact the overall legal suit between Ripple and the SEC. Secondly, granting such appeals may create the perception that every small section of the case is appealable, making the legal case more complicated and lengthy.
In conclusion, the SEC’s appeal of the ruling declaring XRP not a security has generated discussion and varying perspectives. Ripple’s CTO supports the SEC’s right to appeal while emphasizing the need for careful handling. The XRP community remains confident despite the appeal, and the outcome will greatly impact not only Ripple but also the future of cryptocurrency regulation.
