{"id":23988,"date":"2023-10-23T09:39:12","date_gmt":"2023-10-23T09:39:12","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/sec-has-3-14-chance-of-success-in-ripple-appeal-lawyers-predict\/"},"modified":"2023-10-23T09:39:13","modified_gmt":"2023-10-23T09:39:13","slug":"sec-has-3-14-chance-of-success-in-ripple-appeal-lawyers-predict","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/sec-has-3-14-chance-of-success-in-ripple-appeal-lawyers-predict\/","title":{"rendered":"SEC has 3% -14% chance of success in Ripple appeal, lawyers predict"},"content":{"rendered":"
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The United States Securities and Exchange Commission (SEC) has a very slim chance of winning the appeal against Ripple in the ongoing lawsuit, according to lawyer Bill Morgan, who has been closely following the lawsuit.<\/p>\n

Morgan in a post on X (formerly Twitter) argued that there is no obvious appellable error other than in \u201cRipple\u2019s favour regarding ODL sales which don\u2019t meet at least two prongs of the Howey test,\u201d while adding there is a very slim chance of about 3% for SEC\u2019s success in getting an appeal against Ripple. <\/p>\n

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I don\u2019t see any obvious appellable error other than in Ripple\u2019s favor in respect of ODL sales which don\u2019t meet at least two prongs of the Howey test. The SEC\u2019s prospects of success on appeal are very slim and I feel generous today so I am giving it 3% chance of success on appeal https:\/\/t.co\/FRIFbqzmVA<\/p>\n

\u2014 bill morgan (@Belisarius2020) October 22, 2023<\/a><\/p><\/blockquote>\n

Morgan\u2019s prediction came in repose to another statistic shared by Jeremy Hogan, a prominent attorney, who shared government data on the rate of success of appeals in different types of lawsuits. The data suggest the SEC has a 14.2% chance of winning the appeal against Ripple.<\/p>\n

<\/figure>\n

The SEC fought a long-drawn court battle against Ripple for three years before a judge ruled that the sale of XRP on crypto exchanges doesn’t violate securities law. The judgement came as a major win for Ripple, which lost a significant chunk of business post the SEC lawsuit in the U.S. as major crypto exchanges delisted XRP from their platform. <\/p>\n

The SEC also lost an appeal against the judgment in which\u00a0Judge Torres ruled on Oct. 4 that the security regulator failed to meet its burden to show that there were controlling questions of law or substantial grounds for differences of opinion on the ruling.<\/p>\n

Related: <\/strong>Lawyers debate over Ripple case after rejection of SEC\u2019s motion for appeal<\/strong><\/p>\n

Later on Oct. 19, the SEC moved to dismiss all the charges filed against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, offering another major victory for Ripple and its executives.<\/p>\n

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Today was an even better day.
Ripple: 3
SEC: 0<\/p>\n

In all seriousness, Chris and I (in a case involving no claims of fraud or misrepresentations) were targeted by the SEC in a ruthless attempt to personally ruin us and the company so many have worked hard to build for over a\u2026 https:\/\/t.co\/YsQxewFnj9<\/p>\n

\u2014 Brad Garlinghouse (@bgarlinghouse) October 19, 2023<\/a><\/p><\/blockquote>\n

Ripple’s chief legal officer Stuart Aldeorty called<\/a>\u00a0the SEC\u2019s move \u201ca surrender,” while Ripple in its official statement deemed the SEC\u2019s move as a \u201cstunning capitulation\u201d.<\/p>\n

Morgan noted that the SEC has dismissed the rest of the case, so there will be no trial next year and predicted that the court might give a \u201cfinal judgment (probably) sometime next year.\u201d <\/p>\n

Magazine: Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/p>\n