Bill Morgan, an attorney closely monitoring the lawsuit involving the U.S. Securities and Exchange Commission (SEC) and Ripple, has expressed a low likelihood of the SEC's success in filing an appeal against Ripple in their ongoing litigation. According to Morgan, the chances of the SEC successfully launching an appeal against Ripple stand at a mere 3%. This prediction is informed by data shared by prominent attorney Jeremy Hogan, who presented government statistics on appeal success rates across various types of legal disputes. The data suggests that the SEC has a 14.2% probability of winning its appeal against Ripple.
The protracted legal battle between the SEC and Ripple spanned three years, culminating in a significant judgment that determined the sale of XRP on cryptocurrency exchanges did not violate securities laws. This outcome was a substantial victory for Ripple, as it had experienced a loss of significant business due to the lawsuit, resulting in major cryptocurrency exchanges delisting XRP from their platforms.
On October 4, Judge Analisa Torres delivered the ruling, stating that the SEC failed to substantiate the existence of controlling legal issues or substantial grounds for disagreement regarding the judgment. The SEC faced another blow on October 19 when it dropped all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, marking yet another substantial victory for Ripple and its top executives.
Ripple's Chief Legal Officer, Stuart Alderoty, characterized the SEC's action as a "capitulation." Meanwhile, Ripple, in its official statement, described the SEC's move as a "shocking capitulation." Morgan further noted that with the SEC dismissing the remaining aspects of the case, there will be no trial scheduled for the following year. He anticipated that the court would likely issue a final decision, most probably in the coming year.
