As a researcher with experience in the cryptocurrency industry and securities law, I find the ongoing legal battle between the SEC and Ripple (XRP) to be a fascinating and complex case. The uncertainty surrounding the outcome of this case is palpable, especially considering the recent skepticism expressed by prominent attorney Jeremy Hogan.
The U.S. Securities and Exchange Commission (SEC) faces a intricate legal dilemma as its lawsuit against Ripple (XRP) progresses to the appellate court. Regardless of the SEC’s determination, legal analysts indicate that securing a triumph might not be as straightforward as anticipated by the regulatory body.
Jeremy Hogan, a well-known lawyer advocating for Ripple, expressed his doubts on social media recently. He posits that if the SEC emerges victorious in the appeal, the case might still be returned to the lower court for additional scrutiny, thereby extending the ongoing legal dispute.
As a legal analyst, I’d put it this way: Even if the Securities and Exchange Commission (SEC) prevails in its appeal to the Second Circuit Court of Appeals, that’s not the end of the story. If the ruling goes against the SEC, there will be a loss. But even if they win, the case gets sent back to the trial court for more factual determinations. In other words, no matter what happens in the appeal, the potential for further setbacks is real.
— Jeremy Hogan (@attorneyjeremy1) June 20, 2024
As a crypto investor, I’ve been following the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple closely. The turning point came in July 2023 when Judge Analisa Torres handed down a split decision. In her ruling, she determined that XRP tokens did not equate to securities during retail transactions. However, she also found Ripple in violation for dealing with institutional investors.
In May 2024, Kristina Littman, a former Securities and Exchange Commission (SEC) official, indicated that the SEC might choose not to pursue the case any further, increasing the ambiguity surrounding the issue. This position differs from recent court judgments, such as Judge Jed Rakoff’s decision in the Terraform Labs case, which dismissed similar arguments.
In an effort to minimize possible fines, amounting to approximately $2 billion, Hogan contends that excessively high penalties may compel Ripple to offload vast quantities of XRP. This mass sale could negatively impact investors, contradicting the Securities and Exchange Commission’s (SEC) objective to safeguard this very investor community.
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2024-06-21 05:25