WATCH: Former SEC Head Says Appeal Is Almost Certain In Ripple Case

By Vince • February 5, 2024 10:06 am • Comments

The SEC V Ripple lawsuit is far from over, or, at least, that’s what former SEC Chief Jay Clayton says.

Both sides are likely to appeal, with the SEC almost certain to appeal the Torres verdict, according to Clayton. This could potentially undo the historic victory Ripple claimed in the ongoing litigation last year.

Of course, this is simply the opinion of one former SEC Chief, and the decision to appeal hinges entirely on the SEC leadership.

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Currently, SEC Chief Gary Gensler is facing political headwinds from Congressional lawmakers, particularly from those in the Republican Party.

It is unclear if Gensler will even be the SEC head for very much longer, with staunch opposition to his reign coming from both lawmakers and those in the digital finance space alike. Here’s what Clayton had to say:

Finbold shared this quote from Clayton:

“If you look at the distinction (…) between securities transactions for the purpose of capital raising, where we have very rigorous regulations, and then securities regulation for secondary trading – you look at what the court did, it said, ‘hey, that capital raising transaction was a securities transaction.’

Then, the court found that the secondary trading transaction and its definition of the secondary trading transaction was not. We’ll see how that goes on appeal. We’ll see how both of them go on appeal.”

Black Swan Capitalist writes: “Every narrative surrounding the Ripple lawsuit is designed to bury ETHGate, the corruption at the Senate Banking Committee, and SEC’s regulatory enforcement. The back-and-forth misinformation game isn’t working anymore. Victory is already ours. The rest is just maintenance.”

Coin Telegraph had more on the latest point of contention between Ripple Labs and the SEC:

In a Jan. 11 filing in the U.S. District Court for the Southern District of New York, the SEC requested Judge Sarah Netburn issue an order requiring Ripple to produce financial statements from 2022 to 2023 and “post-Complaint contracts governing ‘Institutional Sales.’”

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