The SEC is expected to appeal Judge Torres's ruling that XRP is only a security when sold to institutional investors, with the deadline for the appeal set for October 7.
Fox Business reporter Eleanor Terrett highlighted that the SEC believes the decision should be appealed. Legal experts like John Deaton and Fred Rispoli have also commented on the matter.
John Deaton emphasized that the ruling was very fact-specific and appealed to the Howey Test, arguing that an appeal wouldn't make sense. He also noted that secondary sales could be addressed differently in other cases.
Fred Rispoli mentioned that the court's ruling explicitly discussed programmatic sales, not secondary sales, indicating the specifics that could be subject to appeal.
Jeremy Hogan, another legal expert, opined that the SEC should consider the implications of an appeal on its investor protection mandate. Jungle Inc Crypto, an investigative journalist, echoed similar sentiments, questioning the SEC's motives.
Ultimately, the case remains unresolved as the XRP community keenly awaits further updates. XRP is currently trading at $0.59, reflecting a slight market increase.
