The US Securities and Exchange Commission (SEC) filed documents on Friday signaling their intention to appeal the recent ruling in their case against Ripple. While a former SEC official noted this could be bad news for Ripple, Crypto Law founder John Deaton believes otherwise.
Deaton noted that the Judge’s decision will remain the law until the appeal is heard and determined. XRP price briefly retreated following the news, however, the declines were widespread across the market.
The SEC’s hint of an appeal against Judge Analisa Torres’ ruling was revealed in documents related to the agency’s case against Terraform Labs and its former CEO Do Kwon. Deaton elaborated further in a tweet, stating that the appeal won’t be a setback and it could be two years before a decision is issued by the 2nd Circuit. He also said that even if the 2nd Circuit said Torres was wrong, it doesn’t mean that the SEC wins on Programmatic sales.
Deaton further went on to say that another Judge in the SDNY could disagree with the ruling, however, it would be difficult for a fellow judge in the 2nd Circuit to do so, especially considering the fact that Judge Torres has cited Judge Castel from Telegram.
In conclusion, John Deaton is of the opinion that the SEC’s appeal won’t be a setback for Ripple. Judge Torres’ decision remains the law until the appeal is heard and determined.
