Prominent legal experts like Curt Levey of the Committee for Justice and Professor J.W. Verret of George Mason University’s Scalia School of Law agree that Ripple is on track to win this case. Worse for the SEC, Verret predicts that if the SEC appeals up to the Supreme Court, it is likely to not only lose but set a sweeping precedent that would limit or eliminate entirely the application of Howey on cryptocurrencies, which defy the definitions of 1946.
Forbes on the possible fall of the Howey Test
Forbes