Praneeth retweetledi

Although Ran is correct that an appeal by the SEC will happen sooner because the SEC chose to dismiss the case against @bgarlinghouse and @chrislarsensf (because the April 2024 trial will now not happen), it is incorrect to say the SEC can appeal immediately.
The penalty phase of the case must occur first. Let me provide some perspective:
The summary judgment decision in @LBRYcom was handed down on November 7, 2022. The final judgment that became appealable was entered on July 11, 2023 - EIGHT MONTHS after the ruling. The appeal was filed September 7, 2023.
During those 8 months there was additional discovery, including interrogatories, requests for production of documents (bank statements, etc) and deposition testimony. All followed by filing written briefs and conducting oral argument.
In LBRY the SEC started out wanting 23 million in fines, disgorgement, etc. But in the end, the SEC asked for $130K fine.
Arguing over 23 million took 8 months. In the Ripple case we’re talking about $770M. Ripple will argue ODL transactions should be exempt, along with legitimate business costs (salaries, advertising, travel, insurance, etc). The SEC wants the whole $770M to make up for being embarrassed, including having to dismiss the bogus charges against the executives, it could never prove.
There will be no immediate appeal. Finally, the SEC didn’t dismiss this case because it wanted to get to a faster appeal. It dismissed the case because it didn’t have a chance in hell to win and the witness list of subpoenas for certain individuals to testify was going to be interesting, to say the least.
Ran Neuner@cryptomanran
Why are crypto celebrating the SEC backing out of the Ripple case? All it means is that now the SEC can appeal the case sooner. Previously they had to wait until then end of the case but now that they dropped the case - THEY CAN APPEAL IMMEDIATELY. Be Smart!
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