According to a crypto lawyer, the SEC’s appeal in the Ripple XRP ruling is not a “setback.” The appeal process is expected to take around two years before a decision is issued by the 2nd Circuit. The lawyer also explains that even if the SEC challenges the application of the Howey Test, it would still be challenging for the SEC to prove the existence of a common enterprise under the test. Ripple’s CEO and Chief Legal Officer also criticized the SEC’s attempts to regulate digital assets.

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