As a seasoned financial analyst with over two decades of experience in the industry, I have closely followed the Ripple lawsuit saga with great interest. My initial take was that the SEC would likely appeal the summary judgment decision, but Bill Morgan’s recent tweets have made me question my assumptions.
Recently, Bill Morgan – a fervent XRP supporter and legal expert – voiced his opinions about the possibility of the Securities and Exchange Commission (SEC) appealing the verdict in the ongoing Ripple lawsuit.
Implying a decrease in his faith that the SEC might challenge the Ripple summary judgment ruling, Morgan expressed, “It seems less likely that the SEC will choose to appeal the decision if their decision is based solely on legal factors.”
I’m growing less certain that the Securities and Exchange Commission (SEC) will challenge the Ripple summary judgment ruling, especially if the decision is being guided solely by legal factors. In my recent post, I noted that Judge Orrick in the Kraken case appeared to favor a particular approach taken by…
— bill morgan (@Belisarius2020) August 28, 2024
Morgan suggested that if the court’s decision doesn’t contain a significant legal flaw, and the Securities and Exchange Commission (SEC) can clearly differentiate the Ripple case because of its unique and limited details, it might not be necessary for the SEC to proceed with an appeal.
He noted that initially, he was 80-20% in favor of an appeal but has since shifted to 55-45%, indicating his growing belief that the SEC might choose not to appeal.
Legal error ruled out
Morgan pointed out that Judge Orrick, in the Kraken case, leaned towards the method used by Judges Jackson (Binance case) and Torres (Ripple case), who differentiate between primary and secondary market transactions, instead of Judge Rakoff’s approach in the Terraform case where no such distinction was made.
As a researcher, I find myself pondering over the perspective of certain analysts who suggest that the judicial rationale displayed by the judge in the Terraform case may have implied some shortcomings or discrepancies in Judge Torres’ understanding of programmatic sales.
In my analysis, it appears that the favorable remarks regarding Judge Torres’ rationales in the Ripple summary judgment decision, as seen in the Kraken and Binance lawsuits, have helped alleviate concerns about the validity of her ruling that were expressed by certain skeptics.
In the Kraken case, Judge Orrick noted that Judge Torres’ decision was meticulously tied to the specific details of the case and relied on thorough evidence presented in the court records, aligning with the Ninth Circuit’s ruling in the Hocking case regarding its approach.
Morgan expresses uncertainty about whether the Securities and Exchange Commission (SEC) might challenge the Ripple verdict, as he sees no clear legal blunders in the case and it appears to be tightly tied to its specific facts. However, he speculates that the SEC may choose to file an appeal if factors outside of the law are impacting their decision to do so.
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2024-08-28 18:22