SEC Silent on Possible Appeal Against Ripple Ruling

The U.S. Securities and Exchange Commission (SEC) has declined to comment on the possibility of an appeal against Judge Analisa Torres’ decision that XRP is not a security. This follows growing speculation about the SEC’s possible next roadmap following the judge’s ruling in the Ripple lawsuit.

According to Fox Business journalist Charles Gasparino, the SEC today declined to comment on the possibility of an appeal against the court’s decision on XRP’s securities status. Gasparino shared this information via a tweet, following growing speculation that the securities regulator may be able to appeal the ruling.

Hogan does not expect the SEC to appeal

Not everyone believes the SEC will appeal. Jeremy Hogan, a well-known lawyer who has long followed the case, is one of those who do not think the SEC will appeal.

Attorney Hogan believes the SEC will not benefit from an appeal against the judge’s ruling. He says that if the SEC does appeal, there is a very good chance that the regulator will lose the case again. That would be bad news as the decision would then set a binding precedent.

Hogan explained that this situation could hurt the SEC’s chances of winning other lawsuits against crypto-related companies.

“I am 90% sure this is what they will do. If they lose, there will be no appeal because they don’t want to disrupt their entire agenda here and enforce these regulations against the crypto world,” said Hogan.

SEC Response to Judge Torres’ Decision

While the SEC declined to comment on a possible appeal against the decision regarding XRP’s legality, the regulator has issued rulings on the court’s decision.

The Securities and Exchange Commission said it was pleased that the judge ruled that Ripple violated the law with their XRP offerings in certain situations.

The SEC also stressed that the court agreed with their arguments on several counts, primarily that the “Howey test applies to the securities aspects of crypto transactions.”

However, despite their perceived enthusiasm, the SEC indicated they will continue to analyze the ruling to determine their next steps.

The Crypto World Laughs at SEC Statement

Notably, the SEC’s response to the ruling has sparked some humor within the crypto community. Many people in the crypto world find it ironic that the SEC is trying to paint a positive picture when, in fact, they lost the lawsuit.

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