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SEC vs. Ripple: Kraken Decision Could Influence SEC Appeal Strategy

XRP rose 7.86% to $0.6080 from Monday, August 19, to Saturday, August 24. Uncertainty over the SEC’s plans to appeal the SEC vs. Ripple case left XRP below its August 7 high of $0.6434. On August 7, Judge Torres issued her final judgment, ordering Ripple to pay a $125 million fine and comply with U.S. securities laws.

The SEC has 60 days from the date of the final judgment to file an appeal. However, other SEC court rulings against cryptocurrencies could influence the SEC’s decision on Ripple.

On Friday, Kraken Chief Legal Officer Marco Santori shared a crucial court ruling in the SEC vs. Kraken case, saying that U.S. courts have ruled that no token traded on Kraken is a security.

The decision further upholds the decision on programmatic sales of XRP, in which Judge Analisa Torres determined that programmatic sales of XRP do not meet the third prong of the Howey test.

Pro-crypto lawyer James Murphy, also known as MetaLawMan, commented on the court’s decision: declarant,

“The court denied Kraken’s motion to dismiss. […]. Reading the opinion, I sympathized with the judge as he had to sift through a large amount of conflicting crypto case law that has developed as a result of the SEC’s scattershot approach to regulation through enforcement.

Murphy added:

“It is interesting to note that the judge specifically aligned himself with Judge Torres’ reasoning in the Ripple case on a number of points.”