Legal expert Jeremy Hogan opened up about the development on social media, stating that the “Ripple Vs. SEC case is over.”
Ripple Vs SEC Finally Over
While some essential hearings are scheduled in the coming months, the recent dismissal of the remaining case aspects means there won’t be a trial next year. The core facts of the case have already been determined, and there’s no expectation of new information emerging.
Jeremy Hogan, a legal expert, created a long Twitter thread to explain why the lawsuit is basically over.
“For all Intents and Purposes” the Ripple v. SEC case is over. Yes, important hearings will be held in the coming months (deciding a judgment of up to $770 million is of course important). But, YOUR time for hand wringing over this case is done. IMO.”
Jeremy Hogan via X (Twitter)
Also Read: SEC Holds Ground on Ripple Charges as Gensler Eyes Further Battle
There may still be a settlement for this case before the final judgment. If there’s no settlement, the SEC and Ripple can file appeals. The SEC now intends to appeal. However, according to Hogan and another lawyer, Bill Morgan, the SEC has limited statistical odds of success in an appeal, ranging between 3% and 14.2%.
“I don’t see any obvious appellable error other than in Ripple’s favor in respect of ODL sales which don’t meet at least two prongs of the Howey test. The SEC’s prospects of success on appeal are very slim and I feel generous today so I am giving it 3% chance of success on appeal”
Bill Morgan via X (Twitter)
Also Read: FTX Lawsuit: Exchange Sues Former Employees of Affiliate Company
The Long-Fought Battle
The SEC had fought a long-drawn court battle against Ripple for three years before a judge ruled that the sale of XRP on crypto exchanges doesn’t violate securities law. The judgment came as a major win for Ripple, which has repeatedly asserted the autonomy of the XRP cryptocurrency.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
