Ripple XRP Ruling Criticized by Better Markets CEO, Says SEC Likely to Win Appeal

NAIROBI (CoinChapter.com)— Speculations about the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) took a new turn when Dennis Kelleher, CEO of Better Markets, asserted that the SEC has a 90% chance of winning its appeal against Ripple.

Kelleher’s comments, posted on the social media platform X, criticized District Judge Analisa Torres’s recent court ruling, calling it a misapplication of the law.

Better Markets CEO Kelleher Criticizes Ripple Judge’s Ruling

Kelleher argued that Judge Torres “got 90 years of law upside down” in her ruling, particularly in her decision that sophisticated investors deserve more protection under securities laws than unsophisticated ones.

He emphasized that other judges have rejected this reasoning, which forms the basis of his prediction that the SEC stands a strong chance of success on appeal. His critique highlights a division in judicial interpretation, with Kelleher asserting that Torres’ ruling leaves retail investors vulnerable.

Judge Torres’ decision partially favored the SEC. She enjoined Ripple from further violations of securities laws and imposed a $125 million civil penalty. However, she ruled that XRP itself is not a security. Ripple’s Chief Legal Officer, Stuart Alderoty, believes this judgment will stand on appeal.

Legal Experts Challenge Kelleher’s Claims on Ripple SEC Lawsuit

Despite Kelleher’s confident assertion, Ripple’s legal team, led by Stuart Alderoty, remains firmly confident in their position. Alderoty emphasized that appellate courts rarely overturn lower court rulings, with a reversal rate below 10%.

Furthermore, he contends that Judge Torres’ decision was thorough and well-reasoned, making it unlikely that the SEC will succeed in its appeal.

Additionally, CryptoLaw noted that the SEC had already stated it would not appeal this aspect of the ruling, contradicting Kelleher’s claims.

Attorney Bill Morgan disputed Kelleher’s assertion. He noted Judge Amy Berman Jackson, handling the Binance lawsuit, supported Torres’ distinction. Morgan speculated that the SEC’s appeal chances are closer to 9%, not 90%, as Kelleher claimed.