XRP Holders: SEC’s Appeal Won’t be a Setback

Potential Impact of US SEC Appeal on XRP Holders

Amidst speculations that a potential appeal by the US SEC could have a negative effect on the crypto market, Pro-XRP lawyer Attorney John Deaton clarified that an appeal would not significantly affect XRP holders.

The judge’s ruling stated that the programmatic sale of XRP tokens through exchanges does not classify them as securities, prompting the question of what legal implications would arise should the SEC appeal the decision. Deaton, who represents more than 75,000 XRP token holders, explained the possible scenarios and intricacies of how the summary judgment would be enforced.

The US SEC announced on July 21, in its filing regarding Terraform Labs CEO Do Kwon’s case, that it plans to request a review of the Ripple lawsuit verdict. This was in response to Kwon’s intention to use the XRP lawsuit verdict as an example to argue that digital assets should not be classified as securities.

Deaton’s explanation implies that the appeal decision could take up to two years, during which the Summary Judgment will remain the governing law. It is currently uncertain when the SEC staff will initiate the appeal process in response to the ruling.

In response to the ongoing debate about the SEC’s control over tokens, Ripple’s Chief Legal Officer, Stuart Alderoty, suggested that a securities agency’s jurisdiction is limited to securities. He argued that claiming jurisdiction where none exists is merely a political power move, which does not benefit anyone and harms all who are involved.

Judge Torres’ ruling clarified that only the retail sale of XRP is not classified as securities assets, which may give the SEC some room to explore settlement terms regarding the institutional sale of XRP. This could result in possible talks and negotiations between the relevant parties as they analyze the regulatory status of XRP in terms of institutional sales.

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