In a recent development regarding the Ripple (XRP) vs. SEC case, there is speculation about the potential consequences if the Securities and Exchange Commission (SEC) decides to appeal the court’s decision.
While nothing is certain at this point, legal experts and professionals have shared their insights, shedding light on the possible outcomes and their implications for Ripple (XRP), the cryptocurrency at the center of the controversy.
Understanding the Appeal Process and Potential Outcomes
Attorney Jeremy Hogan, a partner at the Hogan and Hogan law firm, explained in a series of tweets that appeals typically occur after a case has concluded entirely, but in the Ripple case, a final judgment has yet to be issued. Either party has just 60 days to appeal.
After the "final" judgment is entered, either party has 60 days to appeal.
We don't have a final judgment yet so an appeal of Judge Torres' Order would be an "interlocutory appeal." As far as I can see in the Rules, you have 10 days to notice an interlocutory appeal. pic.twitter.com/r2VxjbyBp4
— Jeremy Hogan (@attorneyjeremy1) July 17, 2023
If the SEC chooses to appeal Judge Torres’ Order, it would be considered an “interlocutory appeal.” In such cases, the rules generally allow for a 10-day notice period, and interlocutory appeals are seldom granted.
Furthermore, the judge’s decision not to certify her ruling for immediate review by the appellate court suggests that an interlocutory appeal may not be granted in this instance. He said,
”If Judge Torres herself thought her ruling was so controversial or ‘out there’ that it needed immediate review, she could have certified it for review to the appellate court.”
While the future remains uncertain, Jeremy Hogan guesses that both Ripple and the SEC may opt not to appeal. He opines appeals are challenging to win because the judge who reviewed the entire case usually presides over them.
Additionally, the SEC may have more to lose than gain by appealing, as a favorable appellate decision would set a precedent that all courts in the 2nd DCA must follow.
Impact on XRP
The outcome of the appeal would undoubtedly have a significant impact on the price of XRP and the broader cryptocurrency industry. If the SEC wins the appeal, it would deal a major blow to Ripple and the digital assets market, resulting in a substantial decline in the price of XRP.
Conversely, if the SEC loses the appeal, it would be a significant victory for Ripple and the crypto market, likely causing a rally in the price of XRP, just as it did over 70% last week when it won the case. If the appeal is dismissed, the original court decision would stand, resulting in a neutral outcome for Ripple and the cryptocurrency industry.
At present, XRP’s fate hangs in the balance as the SEC’s potential appeal looms. The appellate court’s decision will shape Ripple’s future and the crypto industry, with investors eagerly awaiting its impact on XRP’s price and regulatory precedents. The legal battle’s outcome remains uncertain, and its certain implications on XRP’s market position will unfold in due time.