<p class="is-style-lead">Lawyer Bill Morgan believes the US Securities and Exchange Commission has little chance of winning an appeal against Ripple in its ongoing litigation.</p>
<p>The lawyer in X (form. Twitter) opines that there is no obvious error subject to appeal other than Ripple’s “support for ODL sales that fail to meet at least two prongs of the Howey test.”</p>
<p>However, he added that there is a minimal chance (about 3%) of the SEC’s success in filing an appeal against Ripple (<a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>).</p>
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   <p lang="en" dir="ltr">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 <a href="https://t.co/FRIFbqzmVA" target="_blank" rel="noopener noreferrer nofollow">https://t.co/FRIFbqzmVA</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1715928828328230916?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 22, 2023</a>
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<p>Morgan’s prediction came from other statistics shared by Jeremy Hogan, a prominent attorney who shared government data on appeal success rates for various trials. The data shows that the SEC has a 14.2% chance of winning its appeal against Ripple.</p>
<h2 class="wp-block-heading" id="sec-vs-ripple">SEC vs. Ripple</h2>
<p>On July 13, Judge Analisa Torres&nbsp;<a href="https://crypto.news/crypto-exchanges-relist-xrp-amid-ripples-partial-victory-in-us/" rel="noopener noreferrer nofollow">stated</a> that sales of the Ripple token (<a href="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>) to retail investors cannot be considered an illegal sale of securities. However, the SEC&nbsp;said it wants to challenge the partial loss in the Ripple case. The regulator will seek an interlocutory appeal. The SEC said it intends to appeal the judge’s decision on the offerings and sales of XRP.</p>
<p>Ripple CEO Brad Garlinghouse <a href="https://crypto.news/garlinghouse-asserts-xrps-position-amid-sec-legal-tangle/" rel="noopener noreferrer nofollow">believes</a> the SEC could take “years” to appeal the court’s decision to recognize XRP as a security.</p>
<p>According to the head of the blockchain company, if the Commission were to appeal the retail sales ruling, it would only further strengthen the court’s decision. However, it will likely take some time before the regulator can appeal.</p>
<p>You might also like: <a href="https://crypto.news/xrp-price-gains-7-6-as-sec-dismisses-lawsuit-against-ripple/" rel="noopener noreferrer nofollow"> XRP price gains 7.6% as SEC dismisses lawsuit against Ripple </a></p>

SEC has no chance of success in Ripple appeal, lawyer says

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