Former SEC Lawyer Reveals Why the Commission Will Likely Appeal Ripple’s XRP Case

Many people have been eagerly anticipating the October deadline to see if the SEC will appeal the case against Ripple. This follows an August 7 ruling in Ripple's favor, which required the blockchain company to pay only a fine of $125 million, a significant reduction from the $2 billion demanded by the SEC.

However, the case may take another turn as it seems the SEC may appeal the July 2023 ruling instead of the August 7 decision.

Former SEC lawyer, Eleanor Terrett, recently shared insights regarding the likelihood of the SEC appealing Judge Torres's July 2023 ruling on the $XRP programmatic sales in the Ripple case.

The former lawyer stated that the SEC is inclined to appeal because "everyone over there truly believes that the decision is wrong, that it's not good law, and should be appealed." Terrett indicated that she plans to further explore the SEC's options as the October 7th appeal deadline approaches.

Lawyer Jeremy Hogan has also weighed in on the SEC's position, stating that the SEC's belief in the incorrectness of the ruling is expected, given that they were on the losing side of the case. However, Hogan emphasized that the SEC should prioritize whether pursuing an appeal aligns with its core mission of investor protection and capital formation.