Jeremy Hogan Predicts No Clear SEC Win in Ripple Case Appeal

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As an analyst with extensive experience in the cryptocurrency industry and a deep understanding of regulatory matters, I firmly believe that the ongoing legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) is far from over. In his recent post, Jeremy Hogan, a pro-XRP lawyer, rightfully expressed skepticism about the SEC’s chances of achieving a definitive victory in this complex case.

As a crypto investor following the XRP case closely, I’ve been keeping an eye on Jeremy Hogan’s insights as a pro-XRP lawyer. In his recent post, he voiced doubts about the U.S. Securities and Exchange Commission (SEC) securing a clear-cut victory in their ongoing legal tussle with Ripple (XRP). Regardless of the outcome at the U.S. Court of Appeals for the Second Circuit, this case might not turn out to be a win for the SEC, even if they are successful in the appeal.

SEC Faces Tough Road in Ripple Appeal

Hogan posits that the intricacies of the case may make it challenging for the SEC to secure a triumph during the appeal. Should they manage to win, there’s a strong likelihood that the case would be sent back to the lower court for additional fact-finding. Essentially, this suggests that an initial SEC success could result in extended legal battles.

The SEC’s argument holds logical merit, but even if successful on appeal, the case would merely be returned to the trial court for additional factual assessments. Therefore, the SEC faces the possibility of further setbacks rather than a definitive triumph in the 2nd Circuit.

— Jeremy Hogan (@attorneyjeremy1) June 20, 2024

As a crypto investor, I’ve been following the recent developments regarding XRP with great interest. In July 2023, Judge Analisa Torres made a ruling in a district court that XRP tokens weren’t considered securities when sold to individual investors on exchanges. However, this decision came with a caveat – Ripple was found to have violated federal securities laws by selling XRP tokens to institutional investors.

As a crypto investor, I’ve noticed that the legal landscape regarding cryptocurrencies can be quite complex and nuanced. The way judicial decisions are interpreted varies from case to case, making it challenging for regulatory bodies like the SEC to establish clear-cut guidelines. Last month, former SEC Division Chief Kristina Littman suggested that the SEC might not appeal the recent ruling in the Ripple case, which could mean that the judge’s decision remains a unique district court opinion and doesn’t set a broader legal precedent for similar cases.

In contrast to U.S. District Judge Jed Rakoff’s ruling in the SEC case against Terraform Labs, where he contended that a token’s legal status should not hinge on the investor, this viewpoint was upheld in the Coinbase decision, representing a triumph for the SEC.

XRP Seeks Relief in Ongoing SEC Case

The Ripple case is currently undergoing the remedial stage, where Ripple aims to substantially lessen the fines and penalties imposed. This phase ensues after SEC Chair Gary Gensler’s statement in July, implying a potential appeal against the Torres ruling.

In addition to the ongoing debate, Hogan has spoken out against the SEC’s proposed $2 billion penalty for Ripple Labs. He contends that this fine goes against the SEC’s objective to safeguard investors. By imposing such a fine, Ripple would be required to sell a significant amount of XRP, which could negatively affect retail investors through price fluctuations.

Ripple XRP Case Update June 20: “Judge Torres Was Right On XRP”, SEC May Not Appeal

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2024-06-21 01:46