Lawyer Believes SEC has Little Chance of Winning Ripple Appeal
A lawyer named Bill Morgan has expressed his belief that the US Securities and Exchange Commission (SEC) is unlikely to succeed in its appeal against Ripple in their ongoing legal battle. According to Morgan, there is no obvious error that can be appealed, except for Ripple’s support for sales that do not meet the criteria of the Howey test. However, he did acknowledge a minimal chance (about 3%) of the SEC’s success in filing an appeal against Ripple’s XRP.
Morgan’s prediction is based on statistics shared by attorney Jeremy Hogan, who provided data on appeal success rates. The data reveals that the SEC has a 14.2% chance of winning its appeal against Ripple.
SEC vs. Ripple: The Legal Battle Continues
In July, Judge Analisa Torres ruled that the sale of Ripple tokens (XRP) to retail investors is not an illegal securities sale. Despite this partial loss for the SEC, they plan to challenge the decision through an interlocutory appeal. Ripple CEO Brad Garlinghouse believes it could take “years” for the SEC to complete the appeal process. He also believes that if the Commission were to appeal the ruling on retail sales, it would only strengthen the court’s decision further. However, it will likely be some time before any appeals are made by the regulator.
Hot Take: SEC Faces Uphill Battle in Ripple Appeal
The chances of the SEC winning its appeal against Ripple appear slim, according to lawyer Bill Morgan. With no obvious errors subject to appeal other than Ripple’s failure to meet certain criteria, Morgan gives the SEC a minimal chance of success. This prediction aligns with the data on appeal success rates, which shows the SEC with a 14.2% chance of winning. Ripple CEO Brad Garlinghouse believes that any appeal process will be lengthy and ultimately strengthen the court’s decision. As the legal battle continues, it remains to be seen how the SEC’s appeal will unfold.
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