Ripple SEC Case Appeal Chances Dim, Says Legal Expert Jeremy Hogan

Jeremy Hogan, a highly followed lawyer who has been tracking the SEC’s case against Ripple from its inception, recently took to Twitter to share his thoughts on the potential for an appeal in light of Judge Torres’s latest ruling. Hogan, known for his thoughtful and detailed analysis, commands a significant audience of over 278K followers on Twitter, who closely monitor his posts for insight into the ongoing Ripple/XRP litigation.

Hogan began his thread by acknowledging the flurry of questions regarding the possibility of an appeal in the Ripple vs. SEC case, while also expressing his distaste for appeals, noting that they often signal a loss in the original case. He proceeded to delve into the timing and the nature of appeals.

Most appeals, he noted, are lodged only after a case is conclusively decided, which the Ripple case isn’t. Following a “final” judgment, either party has 60 days to appeal. At present, as there is no final judgment, any appeal against Judge Torres’ order would constitute an “interlocutory appeal,” which typically should be noticed within 10 days as per the rules.

In a subsequent message, Hogan elaborated on interlocutory appeals, noting their rarity. These appeals are usually granted in instances where continuing discovery would reveal sensitive information. He used the example of the ordered publication of the Hinman emails, explaining it could have been a viable situation for an interlocutory appeal.

Hogan also pointed out that Judge Torres did not certify her ruling for review by an appellate court, implying that it may not be regarded as controversial or “out there.” This, according to Hogan, is an additional sign that an appeal might not be granted.

Hogan was quick to remind his followers that interlocutory appeals are not a given right, nor are they often granted. However, a “regular” appeal, which could occur after the trial and post-trial motions are concluded with a FINAL judgment, is a right that either party retains.

The lawyer then offered his prediction on whether either side would appeal the case. He suggested that most of his peers expect the SEC to appeal, but he personally surmises that neither party will appeal. He reasoned this by noting that appeals are challenging to win and that Judge Torres has reviewed the whole record. Moreover, he suggested that the SEC stands more to lose than gain by appealing, as a loss could compel every court in the 2nd DCA to follow the decision, potentially escalating a minor issue into a significant hurdle.

He believes Ripple is unlikely to appeal if they can pay the fine and if the ODL part of the ruling doesn’t disrupt their business. Hogan humorously added, “Ripple won. And only losers appeal.”

In his final message, he speculated that the SEC might struggle to address the secondary market sales component of the argument on appeal due to the way Judge Torres framed her ruling. However, he noted that his thoughts on this particular matter aren’t completely formed yet.

Hogan’s comprehensive breakdown of the potential for an appeal provides valuable context for those following the Ripple/SEC case closely, showcasing once again why he remains a key source of information for his substantial follower base.