Attorney Hogan explains why the SEC will not appeal if summary judgment is granted in Ripple’s favor.
With the Ripple vs. SEC summary judgment expected to come anytime soon, many crypto stakeholders are commenting on the possible action the parties may take if the Judge doesn’t rule in their favor.
Notably, Ripple has already disclosed plans to appeal the decision in the Second Circuit if Judge Analisa Torres rules in favor of the SEC. However, the SEC has yet to reveal its next line of action if Ripple wins.
The SEC’s silence has recently sparked a debate among crypto community members. While some crypto enthusiasts expect the SEC to appeal the decision if it loses, others think the regulator won’t appeal.
Hogan Says SEC Will Not Appeal
Interestingly, attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, is among those who believe the SEC will not appeal the decision.
Attorney Hogan made this known in a recent interview with 3T Warrior Academy. According to Hogan, the SEC will not appeal any unfavorable decision from Judge Torres because the move is of no benefit to the regulator.
He added that the SEC risks setting a “binding precedent” if the Second Circuit of the Appellate Court still rules against the commission.
“If the Judge rules in Ripple’s favor, I do not think the SEC is going to appeal. The reason I say that is because there is no benefit to the SEC to appeal because if the case goes to the Second Circuit in the Appellate Court, and the Second Circuit rules against the SEC, now that becomes a binding precedent.”
He added that a ruling against the SEC at the Second Circuit would affect the regulator’s chances of winning other cases against crypto companies.
“[…] I’m 90% sure this is what they will do. When they lose, there won’t be an appeal because they don’t want to m*ss up their whole agenda here and enforce these regulations against the crypto space,” said Hogan.
In contrast, attorney Hogan asserted that Ripple would appeal the decision to the Second Circuit and even the Supreme Court if it loses the lawsuit.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.