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<p>If Ripple’s recent victory against the American regulatory body was hailed as a decisive breakthrough, the possibility of an appeal threatens to overturn this fragile balance. According to Dennis Kelleher, CEO of Better Markets, the SEC would have a 90% chance of winning on appeal, which could not only redefine Ripple’s fate but also influence the future contours of digital asset regulation in the United States.</p> 
<h2 id="a-mixed-initial-triumph-for-ripple">A mixed initial triumph for Ripple</h2> 
<p><a href="https://www.cointribune.com/en/crypto-ripple-sentenced-to-pay-125-million-end-of-the-trial-against-the-sec/" target="_blank" rel="noreferrer noopener">Judge Analisa Torres’ recent decision in favor of Ripple</a> was met with measured satisfaction by the crypto ecosystem. By ruling that only institutional sales of XRP violated securities laws, the court exempted secondary transactions from this qualification, thus offering a strategic respite to Ripple. However, this victory is far from total. By imposing a $125 million fine on the company — an amount well below the $2 billion initially demanded by the SEC — the judiciary recognized some of Ripple’s practices as illegal. This judgment, although perceived as a step forward, casts a shadow over the legal stability of cryptocurrencies, particularly concerning their classification as financial securities.</p>
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<p>The Ripple case, which has evolved into a true barometer for crypto regulation, has seen its implications extend far beyond the company’s borders. By partially acknowledging Ripple’s arguments, Judge Torres has reopened a critical debate on the nature of digital assets and their legal status in the United States. This decision, while offering a partial victory to Ripple, also reignites hostilities with an SEC determined to challenge this outcome on appeal.</p> 
<h2 id="h-vers-un-retournement-de-situation-les-implications-d-une-possible-victoire-de-la-sec">Towards a reversal? The implications of a possible SEC victory</h2> 
<p>While the initial decision seemed to offer Ripple and its native crypto, XRP, a favorable outcome, the prospects of an appeal by the SEC complicate this picture. Dennis Kelleher, CEO of Better Markets, does not hide his skepticism towards Ripple’s victory, <a href="https://www.cointribune.com/en/crypto-ripple-has-won-a-battle-but-the-war-against-the-sec-is-far-from-over/" target="_blank" rel="noreferrer noopener">estimating that the SEC has a 90% chance of overturning this judgment on appeal</a>. According to him, Judge Torres would have “overturned 90 years of jurisprudence,” an argument that could weigh heavily during future hearings. This perspective not only questions the solidity of Ripple’s victory but also the entire legal framework surrounding cryptocurrencies in the United States. Indeed, the threat of an appeal thus foreshadows a prolongation of uncertainty for both XRP and other cryptocurrencies.</p> 
<p>If this potential appeal materializes, it could not only nullify the gains achieved by Ripple but also establish a legal precedent with significant consequences for all cryptocurrencies. By prolonging an already exhausting legal battle, the SEC clearly seeks to reaffirm its authority and clarify crypto regulation. For Ripple, the challenge now extends beyond merely defending its past practices to the very survival of its economic model in <a href="https://www.cointribune.com/comment-la-regulation-americaine-mine-la-competitivite-du-secteur-crypto/" target="_blank" rel="noreferrer noopener">an increasingly hostile environment</a>. The outcome of this appeal could therefore redefine the rules of the game for a rapidly expanding industry that is still seeking legal recognition.</p>

Crypto: Is Ripple’s victory threatened? The SEC could turn Everything Upside Down on Appeal!

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