SEC Has 90% Chance of Winning Against Ripple on Appeal, Better Markets CEO Predicts
Better Markets CEO Dennis Kelleher believes that the U.S. Securities and Exchange Commission (SEC) has a high probability of winning the Ripple case on appeal. Kelleher argued that the judge’s ruling in July 2023 had misinterpreted decades of legal precedent, leaving inexperienced investors without the protection they deserve under securities laws.
Judge Analisa Torres had initially ruled that only Ripple’s institutional sales violated securities laws, a decision that was later challenged and rejected by U.S. District Judge Jed Rakoff. Rakoff contended that the manner of sale should not determine a token’s legal status.
In the most recent development, Judge Torres issued a summary judgment that ordered Ripple to pay $125 million in penalties. Ripple’s top lawyer, Stuart Alderoty, acknowledged the possibility of the SEC appealing the ruling, but he maintained that XRP’s legal status would remain unaffected as it is already established by existing law.
Ripple CEO Brad Garlinghouse has previously expressed his willingness to take the case to the Supreme Court if necessary, demonstrating his determination to defend his company against the SEC’s allegations.