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.
Better Markets CEO Dennis Kelleher has expressed strong support for the U.S. Securities and Exchange Commission (SEC) in its appeal against Ripple over XRP. In a post on the social media platform X on Thursday, Kelleher stated that the SEC has a 90% chance of winning the appeal.
“Chance of SEC winning on appeal 90%,” Kelleher wrote. “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 directed at Ripple's chief legal officer, Stuart Alderoty, who recently discussed the possibility of the SEC 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 had sought a penalty of nearly $2 billion.
Alderoty expressed confidence in the ruling and skepticism about a potential SEC appeal. While acknowledging that the SEC could still appeal, he maintained that the status of XRP would remain unchanged even if the agency proceeds.
“The court’s ruling on the status of XRP is separate from the remedies decision and will not be affected by an appeal on remedies. XRP is not a security,” Alderoty stated.
He also pointed out that the Court of Appeals reverses lower court decisions in less than 10% of cases, which he said would leave the SEC with little chance of success in its appeal.
“Torres, a highly respected jurist, handled this case for 3 years, issuing 80 rulings. She applied the law correctly throughout,” Alderoty added.
“Any appeal would likely fail. The SEC overreached in this case and should focus on its core mission: protecting investors. No investors were harmed by XRP, and the market remained stable throughout the case.”
Better Markets, a non-profit organization, is focused on creating a safer financial system for Americans. The organization has been following the Ripple lawsuit closely and has previously criticized the SEC for its handling of the case.
In March 2023, Better Markets filed an amicus brief in support of the SEC's appeal against Ripple. The brief argued that the lower court erred in its ruling and that XRP should be classified as a security.
“The district court’s decision threatens to undermine the SEC’s ability to protect investors and maintain fair, orderly, and efficient markets,” the brief stated.
“If left undisturbed, the district court’s decision will create a dangerous precedent and make it more difficult for the SEC to discharge its statutory responsibilities.”
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