Former SEC Lawyer Marc Fargel Unveils Inside Strategy for Agency Appeal Just Before Deadline
The recent conclusion of the XRP lawsuit has drawn attention to potential further developments, with the possibility of an appeal by the US SEC. This could initiate a new phase in the Ripple case. Ex-SEC lawyer Marc Fagel has provided insights into the potential appeal strategy of the agency, should it decide to proceed.
Overview of the Appeal Strategy
The XRP lawsuit has been a closely watched legal battle in the cryptocurrency space. Judge Torres ordered Ripple to pay a penalty of $125 million last month, concluding the protracted legal battle. However, the court has granted Ripple a stay order for its penalty payment.
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Speculation is rife about the possibility of a potential US SEC appeal as the October deadline approaches. According to Marc Fagel, the agency’s appeal strategy is likely to focus on challenging the ruling that programmatic sales, i.e., sales made through intermediaries, were not unregistered securities offerings. Fagel clarified that the appeal would not center around penalties, but rather the legality of these sales. He emphasized that if the SEC proceeds, it will aim to overturn this part of the ruling.
The likelihood of an appeal has been the subject of much discussion. Another ex-SEC lawyer, James Farrell, suggests a 75% chance of the agency moving forward with an appeal in the Ripple Vs. SEC lawsuit. Legal experts have argued that anything less than an appeal could weaken the agency’s position in future crypto-related cases.
Despite Ripple’s claims that the case is over and denials of any potential appeal, some experts believe the SEC may still file a last-minute appeal as the October 7 deadline approaches. A potential appeal could prolong the case and impact the future of XRP in the market. Furthermore, many expect a cross-appeal by Ripple if the agency moves ahead with its plan.
Price Action
The XRP price has experienced significant volatility, currently trading at $0.5834, down 1.4%. Its trading volume has also decreased by 2% in the last 24 hours to $992.51 million. The cryptocurrency reached a high of $0.5949 in the last 24 hours, reflecting the volatile nature of the market.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
