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SEC vs. Ripple: Kraken Ruling May Influence SEC’s Appeal Strategy
XRP was up 7.86% to $0.6080 from Monday, August 19, to Saturday, August 24. Uncertainty about SEC plans to appeal rulings from the SEC vs. Ripple case left XRP below the August 7 high of $0.6434. On August 7, Judge Torres delivered her final judgment, ordering Ripple to pay a $125 million fine and to comply with US Securities laws.
The SEC has 60 days from the final judgment date to file an appeal. However, other SEC vs. crypto court rulings may influence the SEC’s decision regarding Ripple.
On Friday, Kraken Chief Legal Officer Marco Santori shared a crucial court ruling in the SEC vs. Kraken case, saying that the US courts ruled that no tokens trading on Kraken are securities.
The ruling further endorses the Programmatic Sales of XRP ruling, where Judge Analisa Torres determined that programmatic sales of XRP do not satisfy the third prong of the Howey Test.
Pro-crypto lawyer James Murphy, also known as MetaLawMan, commented on the court ruling, stating,
“The Court denied Kraken’s motion to dismiss. […]. As I read the opinion, I sympathized with the Judge as he had to sift through a lot of conflicting crypto case law that has developed as a consequence of the SEC’s scattered, regulation-by-enforcement approach.”
Murphy added,
“Interestingly, the Judge specifically aligned himself with the reasoning of Judge Torres in the Ripple case on a number of points.”