Home Altcoins News Pro-XRP Lawyer Speculates on Possible Appeals in SEC v. Ripple Lawsuit

Pro-XRP Lawyer Speculates on Possible Appeals in SEC v. Ripple Lawsuit

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The ongoing SEC v. Ripple lawsuit has garnered attention within the cryptocurrency community. Attorney Bill Morgan has recently shared his insights on potential appeals in the case, suggesting that both Ripple and the SEC may appeal Judge Torres’ summary judgment ruling. This article analyzes the likelihood of appeals, examines the recent ruling’s implications, and explores the opinions of legal experts in the field.

Summary Judgment Ruling and the Split Decision

In a significant development, Judge Torres recently issued a summary judgment ruling in the SEC v. Ripple case. The ruling stated that Ripple’s programmatic XRP sales do not qualify as securities, while acknowledging that the company’s direct sales to institutional clients fall within the securities category. As a result, the court has scheduled a trial to investigate whether Ripple executives aided the company in selling XRP to institutional clients.

This split decision by Judge Torres has left room for speculation regarding potential appeals by both Ripple and the SEC. The ruling was viewed as a partial victory for both parties, and the case’s outcome will likely be further shaped by appeals or further legal proceedings.

Attorney Bill Morgan’s Perspective and Alignment with Legal Experts

Bill Morgan, an Australian-based lawyer, has shared his insights on the potential for appeals in the SEC v. Ripple lawsuit. Morgan’s view aligns with retired attorney Marc Fagel’s assertion that both Ripple and the SEC will likely appeal Judge Torres’ decision. Fagel believes that the SEC has a higher chance of having Judge Torres’ ruling on programmatic XRP sales reversed.

Morgan agrees with Fagel’s assessment and states that he expects both parties to appeal unless they reach a settlement agreement. This suggests that the case will likely continue in higher courts, prolonging the legal battle between Ripple and the SEC.

Potential Grounds for Appeals: ODL-related XRP Sales

Attorney Bill Morgan highlights the likelihood of Ripple appealing the ruling, specifically focusing on sales made through Ripple’s On-Demand Liquidity (ODL) service. Morgan argues that ODL-related XRP transactions should not be subject to the Howey test, a well-established securities test.

While neither party has officially announced their intention to appeal, several legal experts have speculated on the possibility. John Deaton, a pro-XRP lawyer, suggests that Judge Torres may not grant the SEC’s request for an appeal. Deaton argues that the SEC sought summary judgment based on the Howey test, and Judge Torres strictly applied this test to every XRP transaction alleged by the SEC to be a security.

Implications and Future Outlook

The potential appeals in the SEC v. Ripple case could significantly impact the outcome and shape the regulatory landscape for cryptocurrencies. Should either party proceed with an appeal, the case would likely be heard in the Court of Appeals for the Second Circuit.

The prolonged legal battle between Ripple and the SEC has implications beyond their specific dispute. The case’s outcome could set precedents for how regulatory bodies classify and regulate digital assets, influencing the broader cryptocurrency industry.

It is worth noting that legal proceedings can be lengthy and complex, and the final resolution of the SEC v. Ripple lawsuit may still be months or even years away. As the case progresses, legal experts and industry observers will closely monitor any appeals and subsequent developments that may arise.

Conclusion

The SEC v. Ripple lawsuit continues to unfold, with the possibility of appeals looming on the horizon. Attorney Bill Morgan’s speculation aligns with the sentiments of other legal experts, suggesting that both Ripple and the SEC are likely to appeal Judge Torres’ recent summary judgment ruling. The split decision by Judge Torres and the potential grounds for appeals related to ODL sales add further complexity to the case. As the legal proceedings continue, the cryptocurrency community awaits the resolution and the potential impact it may have on the broader regulatory framework surrounding digital assets.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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