The recent ruling in the SEC v. Ripple case has sparked intense discussion among crypto enthusiasts, with legal expert Scott Chamberlain shedding light on the significance of the court’s decision. Chamberlain, a former lawyer, noted that the Supreme Court is an unlikely destination for this lawsuit, given the ruling’s impact.
Analyzing the Ripple Ruling and SEC’s Success Chances
Chamberlain emphasized that despite the possibility of an appeal by the SEC in the future, their chances of success are slim due to the current factual record. He highlighted that the Ripple case lacks major legal questions, except for the challenging task of applying existing law to a complex set of facts that do not support the SEC’s claims.
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According to Chamberlain, the law itself has not undergone any change; it is the SEC’s failure to prove its case that has led to this point. He remarked, “Now it has to push sh*t uphill with a pointy stick if it wants to win.”
I think this is more significant than people realise. Yes, the SEC can appeal later, but it is stuck with shitty factual record that makes successful appeal much more difficult. It also means Supreme Court is less likely destination – there’s no major legal questions to decide,… https://t.co/f6dOvo2fDt
— Scott Chamberlain | 🏴☠️ 🪝 (@scotty2ten) October 4, 2023
Pro-XRP Lawyers Engage in the Discussion
Chamberlain’s analysis of the ruling initiated a series of reactions within the XRP community. Fred Rispoli, another legal expert, joined the discussion, adding depth to the conversation.
Notably, Attorney Jeremy Hogan from Hogan & Hogan law firm found Chamberlain’s analysis to be exceptional and requested permission to utilize his insight.
SEC’s Request for Immediate Appeal Denied
A couple of hours ago, Judge Analisa Torres rendered her decision on the SEC’s plea for an interlocutory appeal. The SEC claimed that the court’s previous ruling on Ripple’s programmatic sales and other distributions raised questions of law, opening the door for divergent opinions.
Judge Torres, however, dismissed the SEC’s request, explaining that the July 13 ruling did not present the alleged questions of law. She further noted that the commission failed to meet the burden of proof required to demonstrate a substantial difference of opinion.
Consequently, the judge denied the SEC’s plea for an interlocutory appeal, obliging the regulator to await the resolution of the remaining aspects of the lawsuit, particularly the impending trial, before filing a comprehensive appeal.
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Upholding the Law
In the interim, Ripple Chief Legal Officer Stuart Alderoty emphasized that Judge Torres’s ruling on July 13 remains the “law of the land.”
On July 13, the judge declared that XRP is not a security. She also differentiated between Ripple’s institutional sales of XRP, which constituted investment contracts, and programmatic sales and other distributions, which did not.
It is worth noting that this ruling will remain binding until the SEC successfully overturns the decision in the Second Circuit or the Supreme Court.
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