The legal battle between Ripple and the US Securities and Exchange Commission (SEC) is ongoing, with the appeal currently before the US Court of Appeals for the Second Circuit. However, Jeremy Hogan, a lawyer supporting Ripple, believes that the SEC may not achieve a clear victory even if it wins the appeal.

Hogan points out that the complexity of the case means that a potential SEC win could lead to further legal proceedings in the trial court, prolonging the case. This is because the appeal court may send the case back to the trial court for further factual assessments, making the SEC's initial victory short-lived.

The case has a complicated history, with a district court ruling in July 2023 finding that XRP tokens are not securities when sold to retail investors but are securities when sold to institutional investors. This ruling was a partial win for Ripple, but the SEC has appealed the decision. The legal landscape is divided, with some judges interpreting the law differently, making it challenging for the SEC to achieve a clear win.

Ripple is seeking relief in the ongoing case, asking to reduce fines and penalties significantly. The SEC, however, is seeking a $2 billion fine on Ripple Labs, which Hogan argues contradicts the SEC's mission to protect investors. He believes that enforcing such a fine would harm retail holders of XRP, as Ripple would need to sell a substantial amount of XRP, impacting its price.

In conclusion, the Ripple vs SEC case is far from over, with the appeal ongoing and the potential for further legal proceedings. While the SEC may win the appeal, it may not be a clear victory, and the case could continue for a long time. The outcome will have significant implications for the cryptocurrency industry, and all eyes are on the court's decision.