SEC’s Appeal Chances Diminish
A lawyer who supports XRP, Bill Morgan, believes the chances of the SEC appealing the Ripple case have dropped to 55%. He based this assessment on recent rulings in other crypto cases, particularly the SEC’s case against Kraken.
Kraken Ruling Impacts Ripple Case
In the Kraken case, the judge sided with the SEC, but his ruling reinforced the approach taken by the judge in the Ripple case. This suggests a potential shift in how courts are interpreting crypto transactions, specifically when it comes to the Howey test, which determines if an asset is a security.
Judge’s Comments Favor Ripple Decision
Morgan highlighted that the judge in the Kraken case praised the judge’s decision in the Ripple case, calling it “carefully constrained to the facts of the case” and consistent with previous rulings. This suggests that the decision might not have wide-ranging implications for the entire crypto industry, making an appeal less likely.
SEC’s Motives Remain Unclear
While the legal arguments might favor Ripple, Morgan acknowledges that the SEC’s decision to appeal could be influenced by factors beyond legal considerations. He also pointed out that the SEC hasn’t made a public statement about their plans regarding the Ripple case.
Deadline Looms for SEC
The SEC has a 60-day deadline to decide whether to appeal the Ripple ruling. Morgan believes that the deadline is firm and won’t be affected by the upcoming US elections.
XRP Price Remains Steady
At the time of writing, XRP was trading at $0.5748.
