- Former SEC official speaks on the possibility of the SEC and Ripple settling before the trial.
- Sentiments amongst Ripple and XRP supporters are still mixed at this time.
A former SEC executive is speaking up about the ongoing war between the US SEC and Ripple. In a recent post, he shared his views on the SEC and the possibility of the regulatory body and Ripple settling before the highly anticipated trial takes place.
The US Securities and exchange commission is preparing for a long-awaited trial, scheduled to take place in the fourth quarter of the year.
One X user asked Marc Fagel, the former SEC official, to share his thoughts on whether or not he thinks the SEC’s request for an interlocutory appeal is granted. He also noted the importance of the case for the entire crypto and blockchain industry, while noting that it involves novel areas of law. He asserts that there are conditions rulings on the case at this time, and asked the law veteran if these items factor in.
@Marc_Fagel do you think the SECs request for interlocutory appeal is granted.
1. Seems like this case is very important for an entire industry and involves novel areas of law.
2. There are currently conflicting rulings.
Do these items factor in?
— Jungle Inc 2.0 (@jungleincX) September 9, 2023
Marc Fagel made a response post that reads;
“I agree with those points, and think they should factor in. However, the specific requirements for interlocutory appeal are hard to meet. I think the odds are against granting the request unless the court looks to the points you raise.”
He went on to explain that the SEC will only be seeking for settlement if the claims it has put up against its opposition are high risk. In addition, Fagel asserts that testimony from previous SEC officials will have little to no impact on the possibility of the SEC seeking a settlement.
Ripple supporters share mixed sentiments on the trial and the potential of a settlement
The conversation surrounding a settlement between the SEC and Ripple has been going on for weeks. Sentiments are mixed at this time, as many believe that the SEC will not reach out for a settlement with Ripple, as the regulatory body is more likely to take its chances, as it has done consistently in the past. On the other hand, a handful of market observers and Ripple supporters are convinced that the SEC will settle with Ripple before the trial takes place.
They are reasoning behind this, it’s tied to the fact that The SEC would do anything within its power, to make it impossible for its formal officials, to testify against it, during the trial.
It is worth noting that the trial precedes a recent court ruling from a federal judge back in July. Notably, U.S. District Judge Analisa Torres who made the ruling, confirmed that Ripple broke the SEC’s guideline. Ripple was found guilty of selling XRP to institutional investors.
The action violates the SEC’s securities law, the judge revealed. However, the new development was not enough to strengthen the SEC’s case, enough to grant it victory. In an interesting turn of events, the Judge affirmed that its programmatic sale of XRP to retail investors through exchanges did not violate any rules.
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