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- Dennis Kelleher gives a 90% probability that the SEC will triumph in its appeal in the Ripple case, which he considers the flaws of the decision made by Judge Torres.
- Kelleher saw Judge Torres’ decision to exempt retail transactions from securities laws as a shift from legal studies’ conventional precedents.
- Ripple is fined $125M and may initiate a Supreme Court lawsuit, suggesting persistent regulatory issues in the cryptocurrency market.
The current legal battle involving Ripple and the U. S.Securities and Exchange Commission has also drawn criticism from other commentators.This includes Dennis Kelleher, the acting CEO of Better Markets. Other factors include the legal analysis of Kelleher, who said the probability of the SEC victory in appealing the recent court ruling on Ripple is 90%. This prediction comes from Kelleher’s opinion that Torres’ decision was mistaken and did not align with numerous similar cases.
Hahahaha. Chance of @SECGov @SEC_Enforcement winning on appeal 90%: the @Ripple judge got 90 years of law upside down when he ruled sophisticated investors get the protection of the securities laws, not unsophisticated investors. That's why all the other judges have rejected it. https://t.co/EE5dCZEBjO
— Dennis Kelleher (@DennisKelleher) August 15, 2024
In July 2023, Judge Torres found that Ripple’s institutional sales were unlawful. This is because they involved securities but also refrained from applying this decision to retail transactions. This decision respected a fundamental shift from traditional legal understandings of securities laws. Kelleher described the ruling as counterproductive to many types of protection meant for inexperienced investors while upturning long-standing legal traditions. This ruling best illustrates the central issue of legal features in the cryptocurrency market.
Recent Advancements and Legal Views
This move created another significant change in the legal outlook when Judge Torres came up with the summary judgment that Ripple would pay $125 million in penalties. This development places more financial burden on Ripple and further increases the case’s importance. Regarding an appeal, Ripple’s top lawyer, Stuart Alderoty, noted that the recent judgment is in place, but it does not change the legal status of XRP and stays compliant with the current laws.
This fight continues in the court as Brad Garlinghouse, the CEO of Ripple, has stated that the company is also ready for a further legal battle in the Supreme Court. This is evidence that the company is willing to challenge any regulations that it feels are overbearing. The SEC can become an appeal, significantly changing the legal regulation of cryptocurrencies and future legal actions.
Kelleher was correct in assuming that the SEC will likely triumph in the Ripple appeal as disputes over the adequate regulatory model for digital assets subside. As Ripple goes through these legal battles, such information is essential to investors and observers as the case is highly charged.