Home Altcoins News Pro-XRP Lawyer Critiques SEC’s Appeal, Predicts Ripple Victory

Pro-XRP Lawyer Critiques SEC’s Appeal, Predicts Ripple Victory

XRP Legal

The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is far from over, with the SEC recently filing an appeal against the partial ruling in Ripple’s favor from July 2023. This legal fight revolves around whether XRP, the digital asset associated with Ripple, should be classified as a security. The SEC’s appeal centers on one key aspect: whether XRP sold to retail investors on exchanges qualifies as a security. However, the SEC is not challenging the decision that there was no harm to investors from these sales.

SEC’s Appeal Seen as Weak by Pro-XRP Lawyer

Prominent attorney Jeremy Hogan, a supporter of Ripple, has spoken out about the SEC’s appeal, arguing that the SEC’s case is weak. Hogan believes that the SEC’s brief largely repeats arguments that were already dismissed by the lower court. The SEC is urging the appellate court to rule that it does not need to prove that XRP buyers were aware of Ripple’s promotional efforts to boost the price of XRP. To justify this claim, the SEC cites past legal cases. However, Hogan contends that these cases don’t sufficiently support the SEC’s position, further weakening the agency’s case.

Ripple’s Defense Strategy

Hogan anticipates that Ripple will mount a strong defense in response to the SEC’s appeal, challenging the agency’s claims in detail. The SEC’s most compelling argument seems to come from the Aqua-Sonic case. However, Hogan points out that the SEC’s reliance on statements scattered across different parts of the case doesn’t hold up under scrutiny and doesn’t properly align with the specific facts of the Ripple case. This presents Ripple with an opportunity to bolster its defense and cast doubt on the SEC’s position.

SEC’s Missed Opportunity to Address Critical Evidence

One of the more significant oversights by the SEC, according to Hogan, is its failure to address critical evidence from XRP holders. Thousands of affidavits, submitted by attorney John Deaton, show that many retail investors had no knowledge of Ripple’s actions to manipulate XRP’s price. This lack of attention to the evidence from XRP buyers may prove to be a costly mistake for the SEC. Hogan argues that without directly countering this evidence, the SEC risks undermining its own case and could face difficulty in persuading the appellate court.

The Potential Impact on the SEC and Ripple

If the appellate court agrees with the initial ruling, affirming that XRP sales on exchanges were not securities, the SEC could face a significant setback. Hogan suggests that if the SEC cannot prove that XRP buyers were aware of Ripple’s price-raising efforts, the agency’s case may weaken substantially. Additionally, if the court upholds the ruling, Ripple could gain new ground in challenging what qualifies as an “investment contract,” which may work in its favor.

Hogan is optimistic that Ripple will prevail in this appeal, with the company ultimately emerging victorious. If the court rules in Ripple’s favor, it would set a crucial precedent for the future regulation of digital assets. Such a ruling could mark a turning point for how the SEC handles cryptocurrency-related cases, with potential implications for the broader industry.

As the case progresses, the crypto community remains attentive to the developments. If Ripple succeeds in defending against the SEC’s appeal, it could have far-reaching consequences not only for Ripple but also for the wider cryptocurrency market, potentially altering the regulatory landscape for digital currencies.

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MikeT

Mike T, an accomplished crypto journalist, has been captivating audiences with her in-depth analysis and insightful reporting on the ever-evolving blockchain and cryptocurrency landscape. With a keen eye for market trends and a talent for breaking down complex concepts, Mike's work has become essential reading for both crypto enthusiasts and newcomers alike. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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