XRP Supporter Doubts SEC’s Success on Ripple Appeal
Bill Morgan, a lawyer and vocal supporter of the cryptocurrency XRP, recently shared his skepticism about the U.S. Securities and Exchange Commission’s (SEC) chances of winning its appeal against Ripple. The SEC is contesting a ruling by Judge Analisa Torres from July 2023, which determined that XRP, Ripple's native Token, is not a Security. The focus of the appeal lies on Ripple’s programmatic sales of XRP, a contentious issue that has divided opinions within the crypto community.
Bill Morgan’s Perspective
Morgan believes that the SEC is facing an uphill battle in convincing the court to reverse Judge Torres’ decision. He pointed out that the agency is challenging the ruling by arguing that programmatic buyers of XRP expected profits from Ripple's efforts. However, Morgan highlighted that the SEC's own expert testimony on this matter was not admitted in court, and he noted a lack of concrete evidence to support the agency's claims.
Expressing his doubt about the SEC’s chances of success, Morgan stated, “you can assume I do not think the SEC will succeed in an appeal on Ripple’s programmatic sales of XRP.” He emphasized that real investors in XRP did not rely on Ripple’s efforts or even have knowledge of the company, contradicting the SEC’s narrative.
Fred Rispoli’s Insights
Another Legal advocate for XRP, Fred Rispoli, also shared his thoughts on the SEC’s appeal, particularly focusing on the significance of programmatic sales in the case. He pointed out that a favorable outcome for the SEC could set a precedent for similar lawsuits against major Crypto Exchanges like Coinbase and Kraken, potentially leading to a ripple effect across the industry.
Rispoli remained cautiously optimistic about Ripple’s chances of prevailing in the legal battle, predicting a 70-30 favor in the blockchain firm’s direction, contingent on the composition of the judicial panel assigned to the case. He acknowledged the potential impact of unbiased judges on the final ruling.
Legal Experts’ Views
The SEC filed its official notice of appeal on October 2, signaling its determination to challenge the classification of XRP as a security. However, legal experts in the Crypto space have raised concerns about the agency’s decision to pursue the appeal. Some believe that the SEC should have accepted the penalty imposed on Ripple and moved forward rather than prolonging the legal dispute.
There is a Consensus among legal analysts that the likelihood of the SEC emerging victorious in the appeal is slim. The outcome of the case could be further complicated if Gary Gensler, the current SEC Chair, faces potential dismissal under a new administration, adding a layer of uncertainty to the regulatory landscape.
Conclusion
The ongoing legal saga between the SEC and Ripple continues to capture the attention of the Cryptocurrency community. With prominent figures like Bill Morgan and Fred Rispoli voicing their perspectives on the appeal, the outcome of the case remains uncertain. As the legal battle unfolds, stakeholders in the crypto industry are closely monitoring the developments and preparing for potential repercussions on the regulatory environment.
Stay tuned for updates on the SEC’s appeal against Ripple and its implications for the broader crypto Market.
