Is the SEC vs Ripple Case “REALLY” Over? Pro-XRP lawyer Bill Morgan has in his series of X posts voiced increasing doubts about the U.S. SEC’s likelihood of appealing the recent Ripple summary judgment. Morgan hints that an appeal might be off the table if the decision is strictly about legal matters. He’s spotlighting the latest judicial trends that could sway the SEC’s move, especially the compelling reasoning from judges in similar cases.

Will the SEC appeal or will Ripple win again? Check out both odds!

Judge Orrick Follows Ripple and Binance Rulings

In his recent analysis, Morgan highlights Judge Orrick’s handling of the SEC v. Payward Inc. (Kraken) case. He notes that Judge Orrick preferred the legal reasoning seen in both the Ripple case, presided over by Judge Torres, and the Binance case, overseen by Judge Jackson. Specifically, these cases distinguished between primary and secondary market transactions, applying the Howey test equally to both.

This contrasts sharply with Judge Rakoff’s approach in the Terraform case, which did not differentiate between these types of transactions. Morgan suggests that this alignment among judges could reinforce the soundness of Judge Torres’ ruling, making it harder for the SEC to justify an appeal on purely legal grounds.

Support for Judge Torres’ Reasoning

Morgan further adds that Judge Orrick, in the Kraken case, praised Judge Torres’ reasoning in the Ripple case, particularly the third prong of the Howey test, which analyzes the expectation of gains from others’ work. Judge Orrick noted that Judge Torres’ judgment was carefully tailored to the Ripple case and consistent with precedents like the Ninth Circuit’s Hocking decision.

Implications for the SEC’s Appeal Decision

Given the legal backing from other significant cases, Morgan argues that the SEC may find it challenging to pinpoint a clear legal error in Judge Torres’ ruling. If the Ripple case is indeed “narrowly confined to its facts,” as Judge Orrick suggests, the SEC may struggle to argue that the decision warrants a reversal. 

Morgan concludes that if the SEC does choose to appeal, it will be mostly influenced by factors beyond legal considerations, such as strategic or political motivations.

It Won’t Be Easy Nut for SEC..

In the meantime, the Ripple case might heat up at the SEC’s closed meeting on Thursday, August 29. An appeal could push Ripple into a cross-appeal, dragging the case into 2025. With the 60-day appeal window closing in early October, the process might stretch past the US presidential election. The SEC could also need to weigh the potential impact of a new administration on the case.

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