in its lawsuit against crypto company Terraform Labs and its co-founder Do Kwon, alleged the judge erred in her ruling in the Ripple case and indicated that it was exploring an appeal.
The decision in the Ripple case found that while selling XRP tokens directly to institutional investors violated the SEC's rules, selling XRP to retail investors on exchanges did not. This was largely regarded as a triumph for the cryptocurrency industry. The SEC said the second part"creates an artificial distinction between the expectations of sophisticated institutional and retail investors.", an attorney, gives a likely timeline on which an appeal gets resolved. He says that the fastest appeal is by Rule 54 judgment, which is likely a 1.5-year process, but it is unlikely that this relief is granted. The next fastest, he says, is an interlocutory appeal, which, if granted, may resolve likely in early 2025.
Rispoli added that if the SEC appeals after the final judgment, the appeal may not get decided until late 2025 or early 2026 since a trial may not be likely until early next year.