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- The SEC and Ripple have filed their briefs in the ongoing XRP lawsuit.
- The judge is expected to announce the verdict, said Jeremy Hogan.
- Hogan is confident that XRP will not be deemed a security.
The United States Securities and Exchange Commission (SEC) and American fintech firm Ripple have filed their respective briefs in the ongoing lawsuit filed by the former against the blockchain payments firm.
Jeremy Hogan, a prominent lawyer and partner at law firm Hogan & Hogan, stated in a post on social media platform X (formerly known as Twitter), that “The Ripple v. SEC briefs are FINISHED,” while adding:
“I think the SEC went out with a whimper here. It didn’t even try to attack ODL sales, just noting that Ripple was trying to re-litigate the issue (which it is). And it brought nothing new on damages.”
On the other hand, in a May 3 X post, Hogan confidently stated that he is certain that Ripple will “NOT be deemed a “crypto asset security unregistered” this summer.”
This statement was a direct response to MicroStrategy’s former CEO, Michael Saylor, who said that Ethereum, BNB, Solana, Ripple, and Cardano will be deemed securities this summer and will never be accepted by Wall Street.
It is important to note that the SEC has asked Ripple to pay close to $2 billion in fines for selling XRP to institutional investors while the blockchain firm has countered with a $10 million price tag in its motion. Hogan noted in another post that the regulator seeks $2 billion from Ripple, “which would require Ripple to sell a lot of XRP, causing the price to drop, hurting the retail holder.” The lawyer questioned the SEC’s intentions of protecting market participants.
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