{"id":2099,"date":"2024-08-29T17:55:36","date_gmt":"2024-08-29T17:55:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2099"},"modified":"2024-08-29T17:55:36","modified_gmt":"2024-08-29T17:55:36","slug":"ripple-vs-sec-lawsuit-update-pro-xrp-attorney-lowers-the-agencys-appeal-chances","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2099","title":{"rendered":"Ripple Vs. SEC Lawsuit Update: Pro-XRP Attorney Lowers the Agency\u2019s Appeal Chances"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple was ordered to pay a $125 million fine, significantly lower than the US SEC\u2019s initial demand, with both parties able to contend until early October.
\nLawyer Bill Morgan now sees a reduced chance (45%-55%) of an appeal form the Commision, based on recent case developments and favorable views on Judge Torres\u2019 ruling.<\/p>\n

<\/a><\/span><\/h2>\n

The Appeal Seems Less Likely?<\/h2>\n

The latest <\/span>major<\/span> development surrounding the lawsuit between Ripple and the US Securities and Exchange Commission (SEC) occurred at the beginning of August when Judge Torres <\/span>ruled<\/span><\/a> that the company must pay a $125 million fine for violating <\/span>certain<\/span> securities laws.\u00a0<\/span><\/p>\n

Numerous industry participants interpreted the decision as a major win for the firm, considering that the regulator initially insisted on a $2 billion penalty. Some<\/span>\u00a0even <\/span>labeled<\/span> it the end of the legal battle.<\/span><\/p>\n

However, the case remains ongoing since both entities have until early October to appeal. <\/span>Such a move <\/span>coming<\/span> from Ripple would be viewed as a surprise <\/span>since<\/span> the fine represents a 94% deduction on the regulator\u2019s demand.<\/span> Moreover, CEO Brad Garlinghouse <\/span>said<\/span><\/a> the firm respects the court\u2019s ruling, while CLO Stuart Alderoty <\/span>stated<\/span><\/a> the organization will\u00a0pay the $125 million penalty in cash off its balance sheet.\u00a0<\/span><\/p>\n

One person who initially thought there was an 80% chance of appeal coming from the SEC is the pro-XRP lawyer Bill Morgan. Recently, though, he <\/span>lowered<\/span><\/a> the figure to 45%-55% after observing the developments in other cases involving the watchdog and the crypto industry.\u00a0<\/span><\/p>\n

For instance, Judge Orrick (overseeing the lawsuit between Kraken and the SEC) preferred the approach of Judge Jackson (in the Binance case) and Judge Torres rather than Judge Rakoff (in the Terraform case).<\/span><\/p>\n

\u201cThe favorable comments about aspects of Judge Torres\u2019 reasoning in the Ripple summary judgment decision by Judges Orrick (Kraken case) and Jackson (Binance case) should assuage doubts about the correctness of her decision raised by some critics such as Gasparino,\u201d Morgan maintained.<\/span><\/p>\n

Earlier this year, Charles Gasparino, Senior Correspondent at FOX Business, <\/span>claimed<\/span><\/a> there were signs that Judge Torres\u2019 legal analysis on the Ripple v. the SEC case might be \u201cfaulty.\u201d<\/span><\/p>\n

Morgan outlined that Judge Orrick praised Torres\u2019 decision as \u201ccarefully constrained to the facts of the case and predicated on findings from a fully developed record.\u201d\u00a0<\/span><\/p>\n

Last but not least<\/span>, Morgan said the SEC can easily distinguish the Ripple case from the other lawsuits \u201cbecause it <\/span>is narrowly confined<\/span> to its <\/span>own<\/span> facts.\u201d\u00a0<\/span><\/p>\n

\u201cWhy appeal it at <\/span>all,<\/span> unless, of course, <\/span>there are nonlegal considerations influencing<\/span> the decision to appeal,\u201d he concluded.<\/span><\/p>\n

What if <\/span>There<\/span> Is an Appeal?<\/span><\/h2>\n

One individual who believes the SEC could have the upper hand should the case reach the Court of Appeal is Dennis Kelleher (former Senior Senate Staffer).\u00a0<\/span><\/p>\n

\u201c<\/span>Chance<\/span> of the US SEC winning on appeal 90%: the Ripple judge got 90 years of law upside down when he ruled sophisticated investors get the protection of the securities laws, not unsophisticated investors.<\/span> That\u2019s why all the other judges have rejected it,\u201d he <\/span>said<\/span><\/a> in mid-August.<\/span><\/p>\n

On the other hand, Ripple\u2019s top lawyer, Alderoty, estimated that the agency\u2019s chances of securing a decisive victory are <\/span>quite<\/span> slim, arguing that the aforementioned court reverses the initial rulings in less than 10% of the cases.\u00a0<\/span><\/p>\n

The post Ripple Vs. SEC Lawsuit Update: Pro-XRP Attorney Lowers the Agency\u2019s Appeal Chances<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple was ordered to pay a $125 million fine, significantly lower than the US SEC\u2019s initial demand, with both parties able to contend until early October. Lawyer Bill Morgan now sees a reduced chance (45%-55%) of an appeal form the Commision, based on recent case developments and favorable views on Judge Torres\u2019 ruling. The […]<\/p>\n","protected":false},"author":0,"featured_media":2100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2099"}],"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=2099"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2100"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}