XRP attorney Bill Morgan is assuring the public that Judge Torres’ decision is a problem for the US Securities and Exchange Commission (SEC) on appeal in the Second Circuit and is unlikely to be overturned.
Ripple XRP partial win in US SEC lawsuit was not a mistake: Bill Morgan
Attorney Bill Morgan appreciated the suggestion that Judge Torres was wrong in her decision to recognize Ripple’s partial victory in the SEC lawsuit, and explains why an appeal against this decision is unlikely. Morgan reassures the XRP holder and Ripple supporter community that Judge Torres’ decision is based on the U.S. financial regulator’s categorization of XRP sales and evidence to support this claim.
Judge Torres emphasizes that the SEC has declared three categories of XRP sales.
Judge Torres didn’t come up with those three categories, it was the US Securities and Exchange Commission. The regulator did this because the types of sales varied widely, and Judge Torres decided to analyze and evaluate each of the categories separately before reaching her final verdict.
Morgan’s analysis thus shows that there is little room for error in the presiding judge’s decision, and an appeal that overturns the decision is equally unlikely.
Judge Torres’ decision is unlikely to be overturned
In a recent discussion, Martin Hisbock, head of research at Uphold, and pro-XRP lawyer John Deaton also discussed that Judge Torres’ decision in favor of Ripple is unlikely to be overturned. Despite criticizing Judge Torres’ decision, it is known that the judge accurately applied the Howey test to XRP, declaring it a “non-investment contract”.
— Uphold (@UpholdInc) August 8, 2023