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Lawyers Project Ripple to Emerge as Winners Over The SEC in Future Appeals

Lawyers with a positive stance on digital assets anticipate a favorable outcome for Ripple (XRP) should the Securities and Exchange Commission (SEC) decide to appeal the case concerning alleged unregistered securities offerings.

Jeremy Hogan, a lawyer supportive of XRP who has been closely monitoring the lawsuit, shared insights on the appeal process through a Twitter post. He mentioned, “Effectively, the legal battle between Ripple and the SEC has concluded.”

His assertion is grounded on the regulator’s decision to forgo parts of the case, implying that there’s no likelihood of a trial unfolding next year with fresh revelations.

“This suggests that the Court will likely issue a Final Judgment, presumably next year. Ripple should be the only party concerned about this,” Hogan further commented.

Addressing the possibility of the SEC emerging victorious from a potential appeal, Hogan referenced statistics on appeal reversals by U.S. courts from 2011 to 2015. He concluded that there’s merely a 14.2% probability that the initial decision would be overturned.

Bill Morgan offers low probabilities for the SEC

Another legal voice, Bill Morgan, weighed in on Hogan’s analysis. Morgan emphasized that, in his view, there doesn’t seem to be any error that the SEC can appeal against.

He further stated that Ripple is in a strong position as the ODL sales don’t satisfy at least two criteria of the Howey Test. Based on this perspective, he opined that the regulatory body has a mere 3% likelihood of success if they choose to appeal the decision.

Adding to the discourse, Hogan speculated that there’s a possibility the case could lean towards a settlement before a final judgment is delivered. However, he believes that the odds remain in favor of Ripple.

The SEC, persisting with its stringent approach towards the digital asset market, categorizes most cryptocurrencies as securities. This standpoint has triggered multiple legal confrontations with various entities in the crypto sector.

The SEC takes losses from all corners

In December 2020, the Commission initiated legal proceedings against Ripple Labs, also implicating its CEO, Brad Garlinghouse, and Executive Chair, Chris Larsen. The unfolding legal drama over the subsequent three years has been characterized as a strenuous litigation period.

The court delivered a ruling that essentially signified a measure of triumph for Ripple concerning its XRP sales to retail buyers. This judgment prompted a notable surge in XRP’s value, reversing its prolonged downtrend.

Recently, Judge Analisa Torres of the New York district made a ruling against the Commission. She declined a motion for an appeal of the prior decision, pointing out that the SEC had not presented valid reasons warranting a reconsideration.

In a separate matter, Grayscale achieved a victory against the SEC, securing permission to proceed with its spot Bitcoin (BTC) ETF application. This came after the SEC initially dismissed the application, voicing concerns about potential market manipulations.

Furthermore, last week saw a significant development when the SEC withdrew the charges it had lodged against Ripple’s leading figures, Garlinghouse and Larsen. This move was hailed by many in the cryptocurrency community as a significant win, even interpreting it as the SEC’s complete capitulation.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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