There is speculation that the recent rejection of Judge Torres’ ruling in the Coinbase case could lead to a reversal of Ripple’s victory against the SEC in the appellate court, according to Fox Business journalist Charles Gasparino. The decision in the SEC v. Coinbase lawsuit has created uncertainties regarding the regulatory agency’s legal battle against Ripple Labs. Coinbase had cited the Ripple verdict in an attempt to dismiss the SEC lawsuit, but Judge Failla rejected this argument, siding with the SEC. Gasparino suggests that a higher court could reverse Ripple’s victory based on Failla’s decision. However, industry commentators have dismissed Gasparino’s opinion, with some calling it a “bad take.” The SEC’s appeal against Ripple’s programmatic sales and other distributions of XRP will depend on the judge’s final decision after the remedies phase. If the Second Circuit affirms Judge Torres’ decision, it could set a legal precedent for the broader crypto market.
