- Why Has the SEC Not Appealed the Ruling?
- Potential Timeline for a Ruling if the SEC Appeals
- Possible Implications for the Crypto Community
Top attorney Jeremy Hogan, supporting XRP, has offered valuable insights on the SEC's potential next steps. Hogan shared his comments in response to attorney James K. Filan's update on the now-concluded XRP lawsuit.
Why Has the SEC Not Appealed the Ruling?
The question of why the SEC has not yet filed a Notice of Appeal has stirred much speculation within the community. Filing such a notice is a straightforward task, one that, as Hogan notes, takes only 15 minutes and allows 70 days to submit the actual brief. This relatively simple process has led to confusion as to why the SEC has not made a move yet, especially if it considers the ruling to have set 'bad case authority.' Hogan stated that if the SEC had already decided to appeal, there would be little reason to delay this procedural step. He suggests that the SEC has not decided on its next steps and whether it will appeal.
Potential Timeline for a Ruling if the SEC Appeals
When asked about the potential timeline for an appeal, Hogan responded that a ruling on an appeal would likely not be issued until ‘next year – probably in the late summer.’ He suggests the case could be drawn out for many more months, even if the appeal is filed soon. Legal processes, especially those involving regulatory bodies like the SEC, often take longer due to the complexity of the issues involved. Appellate courts may take several months to reach a decision. Given the impact of the initial ruling, any appeal is likely to draw significant attention from the broader cryptocurrency community, as it could set a precedent for how tokens are regulated in the U.S.
Possible Implications for the Crypto Community
For now, the delay in filing a Notice of Appeal may indicate that the SEC has not yet reached a decision. It is also possible that the agency is weighing the implications of appealing the case and considering its strategy, especially as its budget was recently slashed.
Therefore, the outcome of the XRP lawsuit remains uncertain, and the community continues to await further news from the SEC. Any potential appeal and its results will significantly impact the future of cryptocurrency regulation in the U.S.
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