Dennis Kelleher, CEO of Better Markets, says the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning an appeal in the Ripple lawsuit over XRP. He criticized the court ruling as flawed, arguing that the judge in the Ripple case misapplied the law.
Better Markets CEO Says SEC Has 90% Chance of Winning in Ripple Appeal — Criticizes Judge's XRP Ruling
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Better Markets CEO on SEC Appeal Against Ripple
Dennis Kelleher, President and CEO of Better Markets, a non-profit focused on creating a safer financial system for Americans, expressed strong support for the U.S. Securities and Exchange Commission’s (SEC) appeal against Ripple on the social media platform X on Thursday.
He opined:
Chance of SEC winning on appeal 90%: the Ripple judge got 90 years of law upside down when she ruled sophisticated investors get the protection of the securities laws, not unsophisticated investors. That’s why all the other judges have rejected it.
Kelleher’s comments were aimed at Ripple’s chief legal officer, Stuart Alderoty, during his recent interview where he discussed the SEC potentially challenging the recent court ruling in the Ripple lawsuit concerning XRP.
“Be serious. It’s not the ‘law of the land’ — it’s a baseless decision by 1 district court judge that has been rejected by other highly respected judges & it’s going to be reversed on appeal which is why the judge wouldn’t let SEC appeal,” Kelleher stated in another X post.
In the final judgment, District Judge Analisa Torres partially granted and denied the SEC’s motion for remedies against Ripple. The court issued a final judgment enjoining Ripple from further securities law violations and imposed a $125 million civil penalty. The SEC sought a penalty of nearly $2 billion.
Alderoty expressed confidence in the ruling and skepticism about a potential SEC appeal. Although acknowledging the possibility of an appeal, he emphasized that the status of XRP would remain unchanged even if the SEC proceeds. He pointed out that the Court of Appeals reverses lower court decisions in less than 10% of cases, suggesting the SEC has little chance of success.
Citing Judge Torres’ thorough handling of the case, Alderoty believes any appeal would likely be unsuccessful. Criticizing the SEC for overreaching in this case, he advised the agency to refocus on its core mission of protecting investors, rather than pursuing cases where no harm was done to investors or the market.
Do you agree with Dennis Kelleher’s confidence in the SEC’s appeal, or do you side with Ripple’s legal team’s optimism? Let us know in the comments section below.
