The U.S. Securities and Exchange Commission (SEC) is considering appealing the court decision on the XRP lawsuit, which was in favor of Ripple in July 2023. Former SEC attorney Marc Fagel shared his opinion on the matter; however, experts believe that the chances of a successful appeal are slim.
Opinion of Former SEC Attorney
Former SEC attorney Marc Fagel stated that the court might be underestimating crypto investors by assuming that reasonable investors do not care about XRP's connection with Ripple. He cited the evidence presented by John Deaton representing 70,000 XRP investors who appeared unhappy with the case, although they should have been neutral. "I interpret the evidence to the contrary--not least of which being the fact that John Deaton submitted some 70,000 XRP investors who seemed quite unhappy with the case, when they should've been absolutely agnostic," wrote Fagel.
User Reactions and Discussion
One user responded to Fagel's comments by asking whether it was accurate to claim that those 70,000 investors were unaware of XRP's connection with Ripple, pointing out that a quick social media search shows a different perspective. The user also mentioned that signatories could not be accused of perjury since it was not a criminal trial. Fagel replied that providing false testimony can be considered perjury in any case, civil or criminal, but he was not suggesting that had occurred here.
Experts' Conclusions and XRP Market Status
Legal experts believe that even if an error is found, the case may return to Judge Torres, where the SEC could face another defeat due to insufficient evidence. John Deaton and others stated that the SEC's position is weakened by its failure to provide relevant expert testimony. As for XRP price, market activity shows an increase in XRP trading, with the cryptocurrency reaching around 60 cents and a significant rise in trading volume, indicating growing investor interest.
The possible appeal of the XRP lawsuit decision by the SEC remains uncertain, but experts are skeptical about the success of such an appeal. Meanwhile, the growing interest in XRP in the market signals continued attention from investors.
