{"id":1737,"date":"2024-08-28T16:00:38","date_gmt":"2024-08-28T16:00:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1737"},"modified":"2024-08-28T16:00:38","modified_gmt":"2024-08-28T16:00:38","slug":"pro-xrp-lawyer-lowers-odds-for-sec-appeal-against-ripple-to-55","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1737","title":{"rendered":"Pro-XRP Lawyer Lowers Odds For SEC Appeal Against Ripple To 55%"},"content":{"rendered":"

Pro-XRP lawyer Bill Morgan has updated his assessment for the likelihood of a SEC appeal in the Ripple case. His reassessment<\/a> follows closely on the heels of the ruling in the SEC\u2019s case against Kraken, where US District Judge William H. Orrick III made a decision<\/a> that might have significant implications for the SEC\u2019s ongoing enforcement actions against the crypto industry.<\/p>\n

In that case, Judge Orrick sided with the SEC, reinforcing the application of the Howey test \u2014 the cornerstone of US securities law that determines whether an asset qualifies as an investment contract \u2014 to digital assets. Morgan highlighted that Judge Orrick, in his ruling, explicitly supported the approach taken by Judge Analisa Torres in the Ripple case and Judge Amy Berman Jackson in the SEC\u2019s case against Binance.<\/p>\n

Pro-XRP Lawyer Lowers Appeal Odds To 55%<\/h2>\n

Morgan noted, \u201cI am increasingly less confident that the SEC will appeal the Ripple summary judgment<\/a> decision if merely legal considerations are influencing the decision whether to appeal. I pointed out in a post yesterday that Judge Orrick in the Kraken case preferred the approach of Judge Jackson in the Binance case and Judge Torres in the Ripple case that distinguishes between primary and secondary market transactions.\u201d<\/p>\n

The commentary underscores a potential shift in the judicial understanding of crypto transactions, particularly how they are interpreted under the Howey test\u2019s criteria<\/a> for investment contracts. The third prong of the Howey test \u2014 whether an investment is made with an expectation of profits predominantly from the efforts of others \u2014 is crucial in these considerations.<\/p>\n

He noted that \u201cthe favorable comments about aspects of Judge Torres\u2019 reasoning in the Ripple summary judgment decision by Judges Orrick and Jackson should assuage doubts about the correctness of her decision raised by some critics such as Charles Gasparino<\/a>.\u201d<\/p>\n

Morgan also highlights Judge Orrick\u2019s commentary: \u201cJudge Orrick points out that Judge Torres\u2019 decision was \u2018carefully constrained to the facts of the case and predicated on findings from a fully developed record,\u2019 and was consistent in approach with the Ninth Circuit\u2019s holding in the Hocking case.\u201d This suggests a judicial examination tailored to the specifics of the Ripple case, potentially limiting the broader applicability of the decision to the broader crypto industry and thereby influencing the SEC\u2019s potential decision to not appeal.<\/p>\n

The pro-XRP lawyer concluded, \u201cWhat is important to me is that if there is no obvious legal error and the SEC can easily distinguish the Ripple case because it is narrowly confined to its own facts why appeal it at all, unless of course there are non legal considerations influencing the decision to appeal.\u201d<\/p>\n

Community engagement on Morgan\u2019s X post reveals a mixed reaction. When user Spirconi expressed confusion over Morgan\u2019s assessment, Morgan clarified his stance: \u201cI was 80-20% for an appeal. Now down to 55-45% for an appeal.\u201d<\/p>\n

Further, in response to another user\u2019s comment on the SEC\u2019s silence about the Ripple ruling, Morgan speculated, \u201cThe SEC may not have yet made up its mind either way.\u201d Another user, @tes23ract, questioned whether the SEC could delay its decision until after the upcoming US elections<\/a>, to which Morgan responded definitively, \u201cNo \u2013 there is a 60 day deadline starting on when the final orders were made.\u201d<\/p>\n

At press time, XRP traded at $0.5748.<\/p>","protected":false},"excerpt":{"rendered":"

Pro-XRP lawyer Bill Morgan has updated his assessment for the likelihood of a SEC appeal in the Ripple case. His reassessment follows closely on the heels of the ruling in the SEC\u2019s case against Kraken, where US District Judge William H. Orrick III made a decision that might have significant implications for the SEC\u2019s ongoing […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1737","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1737"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1737"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1737\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}