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- Ripple’s legal victory over the SEC sparks debate on the future of XRP’s regulatory status.
- Attorney Bill Morgan argues the SEC’s appeal chances are closer to 9% than 90%.
In a recent development in Ripple’s legal battle with the Securities and Exchange Commission (SEC), as we previously highlighted, Chief Legal Officer of Ripple, Stuart Alderoty, highlighted that the SEC should not appeal if the US government truly wanted to promote crypto adoption.
Experts Clash Over SEC’s Appeal Odds Against Ripple
In the middle of rising tensions about a probable SEC appeal following Ripple’s recent judicial victory, in which XRP was no longer classified as a security, Dennis Kelleher, CEO of Better Markets, confidently stated that the SEC has a 90% probability of winning an appeal.
He contended that the Ripple judge’s ruling was erroneous, claiming that the judge misread decades of securities legislation by emphasizing the protection of skilled investors over less educated ones. Kelleher claimed that this was why other judges had previously overturned similar verdicts.
However, pro-XRP attorney Bill Morgan swiftly refuted Kelleher’s claim. Morgan pointed out that Kelleher’s suggestion that all other courts had rejected such rulings was incorrect.
So all the other judges have rejected it you say. You must not follow the cases.
You must not know then that Judge Jackson in the Binance case also preferred the approach of Judge Torres in differentiating between institutional investors and programmatic retail buyers than the… https://t.co/wWoE4jnAAE pic.twitter.com/VpSJ1qx093
— bill morgan (@Belisarius2020) August 15, 2024
He added that Judge Jackson, in the Binance case, preferred the Judge Torres method of distinguishing between institutional investors and individual customers. This contrasts with Judge Rakoff’s position in the Terraform case, where he disagreed with Judge Torres.
According to Morgan, the fact that two judges have already agreed to distinguish between institutional and ordinary investors means that the SEC’s prospects of winning an appeal are closer to 9% than Kelleher’s 90%.
Despite these legal disputes, the crypto industry is bullish about XRP’s future. According to a prior CNF report, influencer Ben Armstrong stated that the SEC vs. Ripple court battle might position XRP as the first regulated crypto, thereby speeding up its adoption into the global financial system.
Armstrong added that the judicial processes have already increased XRP’s validity and acceptance among banks and financial organizations.
As of the time of writing, XRP is trading at roughly $0.5689, up 0.81% over the last 24 hours. Despite this minor increase, the coin has stayed in consolidation for the past seven days.
