XRP Advocate Bill Morgan Less Confident in SEC’s Appeal Prospects

• Bill Morgan suggests the SEC may not appeal the Ripple decision, given the narrow and specific facts of the case.
• The attorney’s confidence has shifted from 80-20 in favor of appeal to 55-45 against.
• Observations of related cases show mixed judicial interpretations, adding to the uncertainty surrounding a potential appeal.

Bill Morgan, a well-known XRP supporter and attorney, recently expressed his diminishing confidence that the U.S. Securities and Exchange Commission (SEC) will appeal the Ripple lawsuit decision. Morgan suggests that the SEC’s decision on whether to appeal may hinge more on legal strategy than any clear-cut errors in the original judgment.

Legal Complexities in the Ripple Case 

Morgan argues that if the SEC can easily differentiate the Ripple case due to its specific and narrow circumstances, an appeal might not be necessary. He explained that without an apparent legal mistake in Judge Torres’ summary judgment, the chances for an appeal seem slim. Morgan initially estimated the likelihood of an appeal at 80-20 but has since adjusted his view to 55-45, citing legal considerations.

Comparative Judicial Reasoning

Morgan referenced recent court rulings, such as those in the Kraken and Binance cases, which favored distinguishing between primary and secondary market transactions. These decisions aligned with the approach taken by Judge Torres in the Ripple lawsuit. In contrast, Judge Rakoff’s decision in the Terraform case did not make such a distinction, which has led some commentators to question Judge Torres’ reasoning regarding programmatic sales.

Judge Orrick’s Positive Remarks on Ripple Ruling 

Despite critiques, Morgan noted that Judge Orrick, presiding over the Kraken case, commended Judge Torres’ decision for its precise alignment with the facts and its consistency with the Ninth Circuit’s ruling in the Hocking case. Orrick’s favorable comments further reduce doubts about the correctness of Judge Torres’ ruling and suggest that an appeal by the SEC may not be likely.