Former SEC Official Suggests Potential NonAppeal by SEC in Ripple Case

Former SEC official, Kristina Littman, has speculated that the SEC may choose not to appeal the ruling in the Ripple case in order to avoid establishing an unfavorable precedent at the Second Circuit. The legal battle between the SEC and Ripple is nearing a potential resolution, and the crypto community eagerly awaits the court’s final decision. Ripple CEO, Brad Garlinghouse, has projected that the court could issue its verdict before the end of Summer 2024. However, the big question remains whether the SEC will appeal the initial ruling, which granted Ripple a partial victory in July 2023. Littman recently joined the discussion on a potential appeal, suggesting that the SEC may leave the district court’s opinion as is, rather than risk setting a bad law at the Second Circuit if they were to lose an appeal. She pointed out that the judge in a previous case, SEC v. TerraForm Labs, rejected the reasoning used in the Ripple case, and Coinbase also followed the Terra opinion instead of addressing the Ripple verdict. Many believe that the SEC will not appeal the summary judgment decision in the Ripple case to avoid establishing an unfavorable precedent. A prominent member of the XRP community, wEeZiE, stated that Littman’s comment was not mere speculation, but rather confirmation that the SEC may indeed choose not to appeal the Ripple case. In the meantime, the SEC’s attempt to file an immediate appeal challenging the decision on Ripple’s programmatic sales and other distributions of XRP was denied by the court, which requested that they wait until the final judgment is issued. Legal experts and Ripple executives anticipate that the court’s final verdict will be delivered this year, possibly before the end of Summer 2024. As we await the final judgment, it remains uncertain whether the SEC will appeal the initial ruling or accept it without establishing an unfavorable precedent at the Second Circuit. Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed herein are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.