<div class="cryptonews">
 <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 <a rel="noopener noreferrer nofollow" title="chance" href="https://thebittimes.com/tag/chance.html">chance</a> (about 3%) of the SEC’s <a rel="noopener noreferrer nofollow" title="success" href="https://thebittimes.com/tag/success.html">success</a> in filing an <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> against Ripple (XRP).</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 https://t.co/FRIFbqzmVA</p>— bill morgan (@Belisarius2020) October 22, 2023
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 <p>Morgan’s prediction came from other statistics shared by Jeremy Hogan, a prominent attorney who shared government data on <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> <a rel="noopener noreferrer nofollow" title="success" href="https://thebittimes.com/tag/success.html">success</a> rates for various trials. The data shows that the SEC has a 14.2% <a rel="noopener noreferrer nofollow" title="chance" href="https://thebittimes.com/tag/chance.html">chance</a> of winning its <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> against Ripple.</p>
 <h2 class="wp-block-heading" id="sec-vs-ripple">SEC vs. Ripple</h2>
 <p>On July 13, Judge Analisa Torres&nbsp;stated that sales of the Ripple token (XRP) 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 believes 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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-has-no-chance-of-success-in-ripple-appeal-lawyer-says-tbt67431.html">https://thebittimes.com/sec-has-no-chance-of-success-in-ripple-appeal-lawyer-says-tbt67431.html</a></p>

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

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