‘The Political Realm Is Using Ripple Case to Help Push Their Bills’: Eleanor Terrett

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The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has grappled with the cryptocurrency industry. Eleanor Terrett, a Journalist & Producer at Fox, has opened up about the SEC’s decision to appeal and added that it can be seen as a means of showing its commitment to upholding securities laws and its stance on XRP’s classification. 

Eleanor Terrett’s Analysis

In a conversation with Thinking Crypto, Terrertt highlighted that while predicting the precise outcome is challenging due to the complexity of the legal proceedings, there are several scenarios to consider and also discusses the potential timelines for the SEC’s appeal process. 

The appeal, known as an interlocutory appeal, could be filed within the first 30 days of the judge’s ruling. In this case, since the judge’s ruling was on July 13th, the SEC would need to file the appeal by the end of August. An interlocutory appeal is filed when the ruling’s impact is substantial and requires swift resolution.

Alternatively, the SEC could opt to wait until after the jury trial involving Ripple’s executives, Brad Garlinghouse and Chris Larsen, which may occur in the coming year. Delaying the appeal until after the trial would provide the SEC with additional time to gather evidence 

She also highlighted an interesting scenario and said, “What I’m seeing is many folks in the political realm are using this case to help push their bills through. So Senator Lumis referenced it, I saw – Patrick McHenry and all these guys in the House Financial Committee – so it’s like, yeah, people are already using the momentum to push things forward, and not to mention Coinbase.”

The Ripple case revolves around whether the cryptocurrency XRP should be classified as a security or a commodity. The SEC has argued that XRP is a security and that Ripple’s initial coin offering (ICO) violated federal securities laws. Ripple, on the other hand, contests this classification, maintaining that XRP is a decentralized digital asset and should not fall under the SEC’s jurisdiction.