SEC Veteran Breaks Silence on Latest Development in Ripple Lawsuit

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In the latest development in the Ripple-SEC lawsuit, Ripple has filed a letter requesting a stay of the monetary portion of the court’s judgment entered on Aug. 7, 2024.  

The monetary portion of the judgment is currently due to be paid on Sept. 6, and Ripple requested that the court act on the stay request before this date.

In a Sept. 4 filing, Ripple proposed placing 111% of the judgment amount — roughly $139 million — into a bank account. The stay will last until 30 days "after the time to appeal expires or the resolution of any appeal." According to Ripple, the SEC has consented to the request for a stay.

The latest development has triggered discussions in the XRP community about the possibility of an appeal. One such debate on X involved Marc Fagel, a former SEC regional director. Bill Morgan, XRP enthusiast and attorney, had reacted to the Ripple lawsuit development, saying, "Parties keeping options open to appeal but does not necessarily mean either party will appeal."

Marc Fagel joined the discussion, agreeing to Morgan's viewpoint and noting that the possibility of an SEC appeal remains very much a live issue: "True. Though it also means whether the SEC will appeal remains a very-much-live issue (contrary to all those who insist they will definitely not appeal)."

XRP community reacts

Legal experts in the XRP community have shared their take on the latest development in the Ripple lawsuit. Fred Rispoli, a legal expert, believes that the odds seem to have increased for an appeal, although this is not yet guaranteed.

Rispoli continued that "putting kind of money in a trust is not something that is done unless SEC is being evasive to Ripple lawyers as to whether it intends on appealing."

Jeremy Hogan, an attorney, shared his take, noting that most likely the SEC just has not decided whether it will appeal yet. This is because filing a notice of appeal takes a very short time, at times 15 minutes, and then 70 days to file the actual brief. Hogan feels that if the decision to appeal has already been made, there will not be any reason to delay filing the notice.

In this regard, Hogan believes that a ruling on any potential appeal would be next year - probably in late summer.