- Prominent legal figures assess SEC’s chances in Ripple case appeal.
- Attorney Jeremy Hogan suggests 14.2% success based on historical data.
- Bill Morgan argues there is no apparent appellable error other than in Ripple’s favor.
Prominent legal figures in the crypto community are now speculating about the U.S. Securities and Exchange Commission (SEC)’s limited chances of winning on appeal in the case with Ripple Labs. This development comes amid the recent dismissal of the trial against two Ripple executives.
In a recent tweet, attorney Jeremy Hogan argued that, by and large, the SEC vs. Ripple case is over, noting that the regulator already withdrew a critical trial in the case. In his words:
“The facts have been set. Nothing new or surprising will be coming out, which means the court will be issuing a Final Judgment (probably) sometime next year.”
Moreover, Hogan noted Ripple and the SEC could agree to settle the case before the ultimate judgment from the U.S. court. Where both parties failed to agree on a settlement term, he expressed that they would be filing appeals for various aspects of the court judgment so far.
In this context, Hogan contented that the SEC has historically been a loser on appeals. He shared statistics to illustrate that the regulatory authority has only 14.2% of winning an appeal. The data the lawyer shared comprised of cases the SEC appealed between 2011 and 2015.
Furthermore, the lawyer highlighted that the pronouncements from the judge who delivered the favorable XRP ruling on July 13 were fact-based. According to Hogan, the ruling “at a minimum, does not increase that chance for the SEC.”
Meanwhile, attorney Bill Morgan shared a similar sentiment. He believed no “obvious appellable error other than in Ripple’s favor.” Therefore, he concluded that the SEC has only a 3% chance of success on appeal.
Meanwhile, other legal experts, particularly those who have served in an executive position with the SEC, believe the regulator has a good chance of winning the appeal. Ultimately, it remains to be seen what turns the protracted legal battle would take.
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