SEC Files for Dismissal of Claims Against Ripple Executives
In a significant legal development, the United States Securities and Exchange Commission (SEC) has officially filed to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. This move indicates that the case between Ripple and the SEC has effectively come to an end. While there are still upcoming hearings, the dismissal of certain aspects of the case means that there won’t be a trial next year. The core facts of the case have already been determined, and it is unlikely that any new information will emerge.
Attorney Jeremy Hogan’s Analysis
Legal expert Jeremy Hogan shared his thoughts on social media, stating that the Ripple v. SEC case is essentially over. He acknowledged that important hearings are still scheduled in the coming months, particularly regarding a potential judgment of up to $770 million. However, he emphasized that there is no need for further handwringing over this case.
Hogan stated, “For all Intents and Purposes,” the Ripple v. SEC case is over. Yes, essential hearings will be held in the coming months (deciding a judgment of up to $770 million is essential). But, YOUR time for handwringing over this case is done.
Possibility of Settlement or Appeal
Hogan mentioned that a final judgment from the court will likely be issued next year, primarily affecting Ripple. However, it is possible for the case to be settled before reaching this point. Alternatively, both parties can file appeals if they choose not to settle. While the SEC intends to appeal, the statistical odds of success in an appeal are estimated to be around 14.2%. This suggests that the judge’s unbiased opinion based on facts does not significantly favor the SEC’s chances of appeal.
The Complexities of the Legal Process
Hogan explained that if the SEC appeals next year and the appellate court rules in its favor in 2025, the case would be sent back to the trial judge for further legal decisions. Only after a second round of decisions can the case be appealed again to address all issues. Given these complexities, the chances of the SEC winning are estimated to be very low at around 2.367%. However, this calculation does not take into account potential changes in laws, political leadership, or unforeseen developments.
Attorney Bill Morgan commented, “I don’t see any obvious appellable error other than in Ripple’s favor…The SEC’s prospects of success on appeal are very slim, and I feel generous today so I am giving it a 3% chance of success on appeal.”
Hot Take: Ripple vs. SEC Case Nears Conclusion
In a significant turn of events, the United States Securities and Exchange Commission (SEC) has filed for dismissal of all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen. Legal expert Jeremy Hogan believes that this signals the end of the case between Ripple and the SEC. While there are still upcoming hearings, the core facts have been determined and no new information is expected to emerge. The possibility of settlement or appeal remains, but statistical odds suggest a low chance of success for the SEC. The complex legal process could further delay any resolution to this case.
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