In a significant legal development, lawyers representing the United States Securities and Exchange Commission (SEC) have officially filed for dismissing all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen.
Legal expert Jeremy Hogan opened up about the same on social media, stating that, in essence, the case between Ripple and the SEC has ended. 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.
He wrote, “For all Intents and Purposes,” the Ripple v. SEC case is over. Yes, essential hearings will be held in the coming months (deciding a judgment of up to $770 million is essential). But, YOUR time for handwringing over this case is done.”
The attorney said the court will probably issue a final judgment sometime next year, primarily affecting Ripple. However, the case might still be settled before this final judgment. If there’s no settlement, the SEC and Ripple can file appeals. The SEC intends to appeal, but the statistical odds of success in an appeal are approximately 14.2%. This suggests that the way the judge presented her opinion, which was based on facts and unbiased, doesn’t significantly boost the SEC’s chances of appeal.
He said that if the SEC appeals next year and the appellate court rules in its favor in 2025, it would send the case back to the trial judge for more legal decisions. Only after a second round of these decisions can the case be appealed again, this time addressing all issues.
Considering these legal complexities, the chances of the SEC winning are estimated to be very low, at around 2.367%. This calculation doesn’t consider potential changes in laws, political leadership, or unforeseen developments.
Reacting to the same, attorney Bill Morgan wrote, “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.”
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