Lawyers concur with John Deaton that the only prospect of winning an appeal in the XRP lawsuit is slim.
Recent updates regarding a potential appeal in the Ripple vs. SEC case suggest that the SEC is considering appealing Judge Torres’ summary judgment on XRP.
Pro-XRP attorney John Deaton, along with other legal experts, weighed in on the likelihood of the SEC winning an appeal related to XRP’s programmatic sales.
Ripple vs. SEC Case: Can the SEC Win the Appeal?
Speculation has been growing around the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the ruling from Judge Analisa Torres in July 2023.
A former SEC lawyer told Fox Business journalist Eleanor Terrett that the agency will “probably” appeal the ruling.
John Deaton, who represents 75,000 XRP holders on a pro-bono basis, remarked that judges have criticized the SEC for lacking “faithful allegiance to the law.”
However, Deaton noted that the SEC may still proceed with an appeal under Gary Gensler’s leadership, calling it “a total waste of taxpayer money.”
Deaton said, “I don’t believe an appellate court will rule Judge Torres was in error in applying the 3rd prong. Judge Torres made her ruling very fact-specific. The SEC did not rely on any expert testimony related to XRP holders (it was excluded anyway), but the Judge did rely.”
He further suggested that even if the Second Circuit Court were to rule that Judge Torres made an error in applying the third prong, the case would likely return to Judge Torres.
According to Deaton, the SEC would lose again, as the district court would determine that the SEC failed to establish a “common enterprise.”
Lawyer Highlights the SEC’s Slim Chances
Attorney Fred Rispoli agrees with Deaton, stating that it would be extremely challenging for the SEC to overturn Judge Torres’ decision.
He believes the SEC’s chances of winning depend largely on the three justices randomly selected to hear the case.
“If SEC drew 3 SEC-biased judges (rare but possible), it could win,” Rispoli said. He and other lawyers, including Bill Morgan and Jeremy Hogan, believe the SEC may file an appeal at the last minute.
Notably, if the SEC chooses not to appeal, it would be a significant victory for Ripple, the XRP community, and other defendants in the 2nd Circuit Court, who could then argue that all secondary sales are not investment contracts.
XRP Price Movement
XRP’s price has seen upward momentum, increasing by 2% in the last 24 hours and currently trading at $0.602, with a low of $0.585 and a high of $0.610.
Additionally, trading volume has surged by 21% over the same period, indicating growing interest among traders. XRP price analysis suggests a target of $2.
