Last week, Judge Analisa Torres concluded the Ripple vs. SEC lawsuit, imposing a $125 million fine on Ripple and prohibiting future violations of securities law. This penalty was significantly less than the SEC’s initial target of $2 billion, causing XRP’s value to surge by over 20%.
SEC’s Potential Appeal Strategy
Given the SEC’s earlier unsuccessful attempt to appeal before Judge Torres’s final ruling, speculation mounts on whether the agency will try again, focusing on secondary sales and penalties. In a discussion on X (formerly Twitter) about the Ripple case, Mark Fagel, former SEC regional director, shared his insights on what such an appeal might look like, shedding light on the potential direction the SEC could take.
While the SEC succeeded in the institutional sales case, Ripple triumphed in the “programmatic” sales—those conducted through third-party intermediaries—as the court ruled that these did not constitute an unregistered securities offering. Fagel suggested that if the SEC proceeds with an appeal, it might challenge the ruling on programmatic sales. His insights also imply that if the SEC appeals, Ripple is likely to contest the institutional sales ruling.
Ripple’s Legal Outlook and SEC’s Rationality
Shortly after the final judgment, Ripple’s Chief Legal Officer, Stuart Alderoty, discussed the case outcome on CNBC, addressing the possibility of an SEC appeal. Ripple executives emphasized that if the SEC acts rationally, an appeal should not occur, allowing all parties to move forward.
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Alderoty noted that the SEC has 60 days to decide on an appeal. However, he highlighted a crucial aspect of the legal battle: the slow pace of the appeals process, which means a Supreme Court ruling on the Ripple case is unlikely before 2025, with a potential wait until 2026 or later for a definitive verdict.
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