“The legal standard is a difficult one to satisfy, and the particulars of this case also do not help SEC’s argument in favor of appeal. In fact, the SEC itself has undermined its current arguments for an appeal by previously indicating that a decision in Ripple does not really bear on any other crypto securities lawsuit. It’s unlikely that the court will be persuaded by them speaking out of both sides of their mouth,” he said. “And even if Judge Torres does grant their motion, they then have another steep mountain to climb – getting the Second Circuit’s approval to file an appeal.”