Attorney Jeremy Hogan criticizes the SEC's decision to appeal Judge Torres' ruling in the Ripple case. Speculations arise that the appeal will focus on programmatic sales and other XRP distributions. Hogan believes the SEC made a risky move, potentially leading to higher fines for Ripple if they win. However, the SEC also risks damaging their ability to regulate cryptocurrencies if Ripple raises the "Blue Sky" argument and wins. Hogan predicts that the Second Circuit will issue a final decision in late 2025 or early 2026. The resignation of the SEC's enforcement director, Gubir Grewal, around the same time as the appeal notice raises suspicions of a deeper connection. Hogan suggests that a change in SEC leadership could result in an early resolution of the appeal. Ripple is also considering filing a cross-appeal.



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