Bill Morgan, an attorney who has been closely following the lawsuit, said the SEC’s chances of winning its appeal against Ripple in the ongoing litigation are very slim.
Morgan argued in a post on At the same time, it was added that the probability of an SEC successfully filing an appeal against Ripple is very small, about 3%.
I don’t see any clear appealable error except in favor of Ripple regarding the ODL sale, which failed to meet at least two aspects of the Howey test. The chances of the SEC’s appeal being successful are very slim, and I’m feeling generous today, so I’m giving it a 3% chance of success. https://t.co/FRIFbqzmVA
— Bill Morgan (@Belisarius2020) October 22, 2023
Morgan’s prediction is based on another statistic shared by prominent attorney Jeremy Hogan, who shared government data on appeal success rates in different types of lawsuits. Data shows that the SEC’s chance of winning its appeal against Ripple is 14.2%.
The U.S. Securities and Exchange Commission (SEC) has been engaged in a protracted court battle with Ripple for three years, with a judge ultimately ruling that the sale of XRP on cryptocurrency exchanges did not violate securities laws. The verdict is a major victory for Ripple, which has lost significant business during the U.S. SEC lawsuit as major cryptocurrency exchanges delisted XRP (XRP) from their platforms.
On October 4, Judge Analisa Torres ruled that the safety regulator failed to meet its burden to prove that there were controlling legal issues or substantial grounds for disagreement over the ruling. The U.S. Securities and Exchange Commission (SEC) also lost the ruling.
related: Lawyers debate Ripple case after SEC appeal motion denied
Later on October 19, the U.S. Securities and Exchange Commission (SEC) dismissed all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. Another major win for Ripple and its executives.
Today is a better day.
Ripple: 3
Safety Committee: 0Seriously, Chris and I (in cases not involving fraud or misrepresentation) were targeted by the SEC who ruthlessly tried to personally destroy the company that we and so many others worked so hard to build… https://t.co/YsQxewFnj9
— Brad Garlinghouse (@bgarlinghouse) October 19, 2023
Ripple Chief Legal Officer Stuart Alderoty is called The SEC’s move was a “capitulation,” and Ripple in its official statement considered the SEC’s move a “shocking surrender.”
morgan famous The SEC has dismissed the remainder of the case so there won’t be a trial next year, predicting that the court will “(probably) issue a final decision sometime next year.”
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