The U.S. Securities and Exchange Commission (SEC) recently appealed its case against Ripple following a ruling by a federal judge that the SEC did not sufficiently prove Ripple violated securities laws by selling XRP to retail customers. Now, as the case moves forward, XRP enthusiasts and legal experts are closely watching the next steps.
XRP enthusiast Ashley Prosper shared details on X (formerly Twitter), explaining that after an appeal is filed, it is docketed, and the case is then sent to the Court's CAMP (Civil Appeals Management Program) office to schedule a settlement conference.
This conference can happen either in person or by phone, and all attorneys involved must attend, prepared to discuss legal, factual, and procedural issues thoroughly. Attorneys are also expected to consult with their clients beforehand to get as much settlement authority as possible. Failure to participate in good faith could lead to court sanctions.
In response to Prosper's post, one user inquired about the deadline for the SEC to disclose what specifically it is appealing. The SEC is set to disclose the specifics of its appeal by October 16, which coincides with the final day of Ripple's Swell event.
Some speculated the SEC might even withdraw its appeal against Ripple, which could signify a pivotal moment for the case. However, Marc Fagel, a former SEC lawyer, responded by stating that the SEC is unlikely to withdraw its appeal, as the grounds of their appeal are generally well-understood within the legal community.
Marc wrote on X, “They're not withdrawing their appeal. And we all pretty much know exactly what they're appealing; not exactly a secret.”