Could the SEC Appeal the Ripple Victory? XRP Expert Weighs In
Release: 2024/08/28 19:49 Reading: 338
Could the SEC Appeal the Ripple Victory? XRP Expert Weighs In
Today, Bill Morgan highlighted that a successful SEC appeal against the ruling favoring Ripple would require identifying clear legal errors in Judge Torres' reasoning. However, this may be challenging, given that judges in related cases have endorsed Torres' approach.
Morgan notes that Torres' ruling was specific to the circumstances of the Ripple case. She avoided broad judgments that could be easily contested in other situations.
From a legal perspective, Morgan suggests, the SEC may face difficulties convincing an appeals court that Torres erred in her interpretation and application of securities law to Ripple.
The quote emphasizes that "unless non-legal considerations influence the appeal decision." This suggests that strategic, political, or external factors, rather than legal substance, could motivate the SEC to pursue an appeal despite weak legal grounds.
Morgan questioned why the SEC would appeal given the lack of obvious legal errors and Torres' narrow ruling. He suggests that non-legal factors might influence the decision.
In other cases like SEC v. Kraken, Judge Orrick supported Torres' distinction between primary and secondary markets, mirroring Torres' reasoning in dismissing the SEC's claims against Ripple.
Morgan believes it would be challenging for the SEC to successfully argue that the ruling was legally incorrect on appeal, especially given Orrick's praise for Torres' analysis regarding the third prong of the Howey test.
However, he acknowledges that the SEC's decision may extend beyond legal considerations. Strategic and political motivations could impact whether or not the SEC pursues an appeal before the 60-day window closes in early October.
The impact on the XRP price remains uncertain, but currently, the altcoin trades slightly below $0.6.
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