Dennis Kelleher, CEO of Better Markets believes that the US Securities and Exchange Commission (SEC) has a 90 percent chance of ultimately winning the Ripple case on appeal.
Kelleher believed that the judge had “turned 90 years of law on its head” with his July 2023 ruling and deprived inexperienced investors of securities law protections.
Last year, Judge Analisa Torres ruled that only Ripple’s institutional sales violated securities laws.
However, the controversial ruling was rejected by US District Judge Jed Rakoff. reported by U.TodayRakoff believed that the method of sale should not affect the legal status of a particular token.
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Judge Torres recently granted summary judgment in the much-discussed case and ordered the company to pay a fine of $125 million.
Earlier this week, Stuart Alderoty, Ripple’s lead attorney, stated that he would not be surprised if the SEC appealed the ruling, but he is confident that XRP’s legal status will not be affected by the latest ruling, as it is already established law.
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As reported by U.TodayGarlinghouse had previously stated that he was prepared to take his company’s fight with the SEC all the way to the Supreme Court.
