{"id":20648,"date":"2024-10-10T15:41:12","date_gmt":"2024-10-10T15:41:12","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=20648"},"modified":"2024-10-10T15:41:12","modified_gmt":"2024-10-10T15:41:12","slug":"pro-xrp-attorney-analyzes-ripples-upcoming-strategy-in-sec-appeal","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/pro-xrp-attorney-analyzes-ripples-upcoming-strategy-in-sec-appeal\/","title":{"rendered":"Pro-XRP Attorney Analyzes Ripple’s Upcoming Strategy in SEC Appeal"},"content":{"rendered":"\n

In a recent interview<\/a> with Kristi Warner on Crypto Law TV, attorney James Murphy, better known as \u201cMetaLawMan,\u201d shared insights on the ongoing XRP lawsuit involving Ripple Labs and the US Securities and Exchange Commission (SEC). He addressed the SEC\u2019s latest appeal and the potential strategies Ripple could consider moving forward.<\/p>\n

Murphy expressed his expectation regarding the SEC\u2019s decision to appeal the summary judgment delivered by Judge Analisa Torres. This ruling stated that while Ripple\u2019s institutional sales of XRP constitute unregistered securities, XRP itself is not classified as a security. \u201cI anticipated that the SEC would appeal,\u201d Murphy remarked, noting that appealing is common practice when a party loses part or all of a case. <\/p>\n

He pointed out that the SEC\u2019s choice to pursue an interlocutory appeal\u2014a request to appeal before a final judgment in the case\u2014demonstrated their unhappiness with Judge Torres\u2019 initial ruling. \u201cThe SEC was very unsettled by the ruling that XRP is not a security, leading them to seek an immediate appeal,\u201d he explained.<\/p>\n

Murphy went on to highlight key areas he believes the SEC will target in their appeal. A significant point of contention is likely to be Judge Torres\u2019 finding that XRP transactions in secondary markets do not constitute investment contracts. \u201cThis is definitely going to be a primary focus in the appeal,\u201d he asserted.<\/p>\n

Additionally, the SEC may question the judge\u2019s decision to impose no disgorgement, a remedy that requires wrongdoers to return ill-gotten gains. Murphy noted that current precedents from the Second Circuit Court of Appeals necessitate that victims demonstrate financial losses to justify disgorgement. \u201cThe SEC didn\u2019t meet that requirement\u2026 It was the retail XRP holders who suffered the losses,\u201d he remarked.<\/p>\n

While less likely, Murphy also mentioned that the SEC could attempt to appeal the $125 million civil penalty that was levied on Ripple. \u201cThis is a rather weak position for them to take\u2026 The judge has considerable discretion,\u201d he commented.<\/p>\n

Will Ripple Consider a Cross-Appeal?<\/h2>\n

Murphy highlighted responses from Ripple\u2019s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, which suggested a possible cross-appeal. He voiced strong approval for this idea, especially regarding the classification of institutional sales as investment contracts.<\/p>\n

\u201cI am in favor of pursuing a cross-appeal,\u201d he stated emphatically. Murphy argued that institutional buyers acquired XRP at wholesale rates for resale, similar to wholesalers dealing in commodities, and not as investments in Ripple\u2019s business. \u201cThey were not investing in Ripple\u2026 This should not be seen as an investment contract,\u201d he stressed.<\/p>\n

He outlined a timeline for the appeals process, noting that both parties have deadlines to submit briefs and outline their appeal issues. Murphy estimated that a conclusive decision from the Second Circuit Court of Appeals may not materialize until early 2026. \u201cTypically, it takes over a year\u2026 My prediction is that we\u2019ll see a ruling around the first quarter of 2026,\u201d he estimated.<\/p>\n

Murphy also indicated the possibility of industry players submitting amicus briefs, which can further prolong the process. \u201cI expect numerous amicus briefs to be filed\u2026 Coinbase has indicated this case is of great significance,\u201d he noted.<\/p>\n

At the time of writing, XRP was valued at $0.52.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent interview with Kristi Warner on Crypto Law TV, attorney James Murphy, better known as \u201cMetaLawMan,\u201d shared insights on the ongoing XRP lawsuit involving Ripple Labs and the US Securities and Exchange Commission (SEC). He addressed the SEC\u2019s latest appeal and the potential strategies Ripple could consider moving forward. Murphy expressed his expectation […]<\/p>\n","protected":false},"author":1,"featured_media":20649,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Pro-XRP Attorney Analyzes Ripple's Upcoming Strategy in SEC Appeal - Bitrabo","description":"In a recent interview with Kristi Warner on Crypto Law TV, attorney James Murphy, better known as \"MetaLawMan,\" shared insights on the ongoing XRP lawsuit invol"},"footnotes":""},"categories":[316],"tags":[2176,1190,1025,4833,1024,575,1207,520,2616],"class_list":["post-20648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-appeal","tag-breaks","tag-lawyer","tag-pro-xrp","tag-proxrp","tag-ripple","tag-ripples","tag-sec","tag-steps"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/20648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=20648"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/20648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/20649"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=20648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=20648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=20648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}