Pro-Digital Asset Lawyers Predict Victory for Ripple in Potential SEC Appeal
According to pro-digital asset lawyers, Ripple (XRP) is likely to emerge victorious in any potential appeal by the Securities and Exchange Commission (SEC) regarding the alleged unregistered securities offering case. Jeremy Hogan, a pro-XRP attorney who closely followed the lawsuit, stated on Twitter that “for all intents and purposes, the Ripple and SEC is over.” He based his analysis on the fact that the regulator dismissed the rest of the case, indicating that there would be no trial next year. Hogan also shared statistics showing a low chance of success for the SEC in a potential appeal.
Bill Morgan Supports Ripple’s Chances
Another lawyer named Bill Morgan agreed with Hogan’s analysis and statistics, asserting that there is no appealable error in favor of the SEC. Morgan believes that Ripple has a strong case because their ODL sales do not meet the requirements of the Howey Test. He estimates that the SEC only has a 3% chance of winning an appeal against the ruling. Both lawyers anticipate a favorable outcome for Ripple.
SEC Continues to Face Setbacks
The SEC’s tough stance on cryptocurrencies as securities has led to multiple legal battles. In December 2020, they filed a lawsuit against Ripple Labs and two executives. However, recent developments have not been in their favor. A New York district judge denied their motion to appeal a previous decision regarding Ripple’s sale of XRP to retail investors. Additionally, Grayscale won a victory against the SEC when they were allowed to pursue their Bitcoin ETF application after it was initially rejected due to concerns about market manipulation. The SEC also dropped charges against Ripple’s executives, leading many to view it as a major victory for Ripple and a surrender by the SEC.
Hot Take: Ripple Poised for Success in Potential SEC Appeal
Pro-digital asset lawyers believe that Ripple has a strong chance of success if the SEC were to appeal the ruling on their alleged unregistered securities offering. Jeremy Hogan and Bill Morgan both argue that the SEC lacks grounds for an appeal and highlight the low probability of success based on past court reversals. With recent victories for Ripple in court battles and the SEC’s retreat, it appears that Ripple is in a favorable position. This outcome could have significant implications for the regulation of digital assets and may set a precedent for future cases involving cryptocurrencies.
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