Ripple and SEC Legal Battle Rages On as Commission Considers Appealing the Case

The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) has yet to be concluded despite Judge Analisa Torres

The long-running legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues despite Judge Analisa Torres’ August 7 ruling, which many believed concluded the case. Recent developments show that the SEC is still considering appealing the court’s ruling.

Following the court’s ruling, Ripple was ordered to pay the SEC a fine of $125 million for violating securities laws. As part of the judgment, Ripple was expected to pay the SEC by September 6. However, a recent stay request filed by Ripple and granted by Judge Torres indicates that Ripple will no longer be required to pay the $125 million to the SEC until 30 days after the expiration of the time allowed for an appeal with no appeal filed or after a decision by the Court of Appeals resolving any potential appeal.

Interestingly, the SEC consented to the stay request even before Judge Torres granted it, suggesting that the Commission is still considering appealing the case. According to legal expert Fred Rispoli, the Commission’s agreement to the stay request could be because they would have to pay Ripple an interest on the monetary judgment if the crypto firm were to pay now and the SEC ended up appealing and losing the appeal.

As a result, the Commission is allowing Ripple to keep the funds in trust while they decide whether to appeal Judge Torres’ ruling, particularly her decision that XRP is not a security in itself. Rispoli also stated that the stay request increases the chances of an SEC appeal to 60%.

The Commission has until October 6 to decide whether to file an appeal. Meanwhile, Ripple has repeatedly stated through its CEO, Brad Garlinghouse, and Chief Legal Officer (CLO), Stuart Alderoty, that it has no intention to appeal, as they view the court’s ruling as a victory in their quest for legal clarity.

On the other hand, Ripple’s legal battle with the SEC appears to have pushed the crypto firm to lobby for more favorable conditions for the crypto industry, aiming to end the Commission’s enforcement actions against crypto companies.

As previously reported by Bitcoinist, Ripple co-founder Chris Larsen was among the 88 corporate leaders who signed a letter endorsing Democratic presidential candidate Kamala Harris.

Meanwhile, Alderoty had earlier expressed support for Republican presidential candidate Donald Trump, donating $300,000 to the former US president’s campaign. It is believed that Alderoty made the donation due to Trump’s pro-crypto stance. Notably, Trump has also pledged to fire SEC Chair Gary Gensler on his first day in office if he is elected. Gensler has overseen the Commission’s legal battle against Ripple and is known for his anti-crypto views.

The legal battle between Ripple and the SEC has had a significant impact on the crypto industry, with many watching closely to see how the case will unfold and what implications it will have for the future of crypto regulation in the United States.

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