Better Markets CEO Dennis Kelleher believes the US Securities and Exchange Commission has a 90% chance of winning its case against Ripple on appeal.
Kelleher said the judge overturned “90 years of law” with his July 2023 ruling, stripping securities law protections from uninformed investors.
Last year, Judge Analisa Torres famously ruled that only Ripple’s institutional sales violated securities laws.
However, this controversial ruling was overturned by U.S. District Court Judge Jed Rakoff. According to U.Today, Rakoff argued that the method of sale should not affect the legal status of a particular token.
Judge Torres recently issued a summary judgment in the much-discussed case, ordering the company to pay a $125 million fine.
Earlier this week, Stuart Alderoty, Ripple’s lead attorney, stated that he would not be surprised if the SEC appealed the ruling. However, he was certain that XRP’s legal status would not be affected by the recent ruling as it is already the law of the land.
