Pro-XRP Lawyer Bill Morgan Updates Assessment for SEC Ripple Case
Pro-XRP lawyer Bill Morgan has updated his assessment for the likelihood of a SEC appeal in the Ripple case. This reassessment follows closely on the heels of the ruling in the SEC’s case against Kraken, where US District Judge William H. Orrick III made a decision that might have significant implications for the SEC’s ongoing enforcement actions against the crypto industry.
Pro-XRP Lawyer Lowers Appeal Odds To 55%
Morgan noted that he is increasingly less confident that the SEC will appeal the Ripple summary judgment decision if merely legal considerations are influencing the decision. He pointed out that Judge Orrick in the Kraken case preferred the approach of Judge Jackson in the Binance case and Judge Torres in the Ripple case that distinguishes between primary and secondary market transactions.
– Morgan highlights a potential shift in the judicial understanding of crypto transactions
– Particularly in how they are interpreted under the Howey test’s criteria
– The third prong of the Howey test is crucial in these considerations
– It determines whether an investment is made with an expectation of profits predominantly from the efforts of others
He also noted that the favorable comments about aspects of Judge Torres’ reasoning in the Ripple summary judgment decision by Judges Orrick and Jackson should assuage doubts about the correctness of her decision raised by some critics like Charles Gasparino.
– Morgan highlights Judge Orrick’s commentary about Judge Torres’ decision
– The decision was carefully constrained to the facts of the case
– Predicated on findings from a fully developed record
– Consistent in approach with the Ninth Circuit’s holding in the Hocking case
The pro-XRP lawyer concluded by questioning the necessity of an appeal if there is no obvious legal error and the SEC can easily distinguish the Ripple case due to its narrow scope of facts. He considered that non-legal considerations might be influencing the decision to appeal.
– Community engagement on Morgan’s X post reveals a mixed reaction
– Users express confusion over Morgan’s assessment
– Morgan clarifies his stance on the possibility of an appeal
Further discussion on the SEC’s silence about the Ripple ruling and speculation on the SEC’s potential delay in making a decision is also highlighted by Morgan based on his legal insights.
– Morgan anticipates the SEC’s timeline for a decision
– Asserts a deadline for the SEC’s decision-making process
– At press time, XRP traded at $0.5748
Hot Take: Analyzing the Ripple Case Appeal Odds
Bill Morgan, a prominent lawyer supporting XRP, has updated his assessment on the likelihood of a SEC appeal in the Ripple case. His recent insights provide valuable perspectives on the evolving legal landscape surrounding digital assets and securities law. The shifting judicial interpretations surrounding crypto transactions and the Howey test criteria have significant ramifications for the broader crypto industry. Morgan’s analysis sheds light on the potential factors influencing the SEC’s decision-making process in pursuing or abstaining from an appeal.
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