The SEC's appeal of the Ripple lawsuit, focusing on XRP's classification as a security, has drawn attention. Legal expert Jeremy Hogan criticizes the SEC's brief, highlighting its lackluster composition and arguing that appealing the finding of no investor harm could be difficult. Hogan also points to the SEC's struggle to prove investor awareness of Ripple's alleged price manipulation plans as a major weakness. With the recent departure of SEC Chairman Gary Gensler, speculation arises about the case's future, with incoming Chairman Paul Atkins potentially withdrawing it.
On January 15th, the United States Securities and Exchange Commission (SEC) filed its opening brief in its appeal of the Ripple lawsuit concerning XRP 's classification as a security. While the appeal has generated significant attention, particularly with the recent departure of former SEC Chairman Gary Gensler , legal expert Jeremy Hogan expressed skepticism regarding the SEC's arguments. Hogan stated that the SEC's brief was poorly constructed, suggesting a lack of effort in its presentation.
He highlighted that the SEC is only challenging the court's ruling that XRP sold to investors on exchanges was not a sale of securities. Notably, the SEC is not appealing the finding that no investors were harmed. Hogan argued that appealing this latter point could prove problematic, especially given the current market conditions and the recent surge in XRP's price, which jumped by 8.02% to $3.11 in the past 24 hours.Hogan further explained that the SEC's primary argument centers on persuading the court that it doesn't need to demonstrate that XRP investors were aware of Ripple's intentions to manipulate the coin's price. He believes this is a significant weakness in the SEC's case. Summarizing his assessment, Hogan stated that if the initial ruling in favor of Ripple is upheld, the SEC might inadvertently harm its position in future cases. He contends that the SEC could be forced to disclose knowledge of promotional statements made by investors, a process that would be both costly and time-consuming.With Gensler's departure after just four days in office, industry observers are speculating about the future of the case. Incoming Chairman Paul Atkins may consider withdrawing the case, along with other non-fraud cases initiated by Gensler during his tenure. The United States is undergoing a political transition, and many anticipate a more regulatory-friendly administration.
SEC Ripple XRP Securities Lawsuit Cryptocurrency Regulation Gary Gensler Paul Atkins
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