Better Markets CEO Dennis Kelleher believes that the U.S. Securities and Exchange Commission has a 90% chance of eventually winning the Ripple case on appeal.
Kelleher opined that the judge had gotten “90 years of law upside down” with the July 2023 ruling, which deprives unsophisticated investors of the protection offered by securities laws.
Last year, Judge Analisa Torres famously ruled that only Ripple’s institutional sales violated the securities laws.
However, the controversial ruling was rejected by U.S. District Judge Jed Rakoff. As reported by U.Today, Rakoff opined that the method of sale should not affect the legal status of a certain token.
Recently, Judge Torres issued a summary judgment in the much-talked-about case, ordering the company to fork out $125 million worth of penalties.
Earlier this week, Stuart Alderoty, Ripple’s top lawyer, stated that he would not be surprised if the SEC ends up appealing the ruling. However, he is certain that XRP’s legal status is not going to be affected by the recent ruling since this is already the law of the land.
As reported by U.Today, Garlinghouse previously stated that he would be ready to take his company’s fight with the SEC all the way to the Supreme Court.
