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On January 15, the US Securities and Exchange Commission (SEC) filed its editorial in its appeal of Ripple's lawsuit involving the securities status of XRP. While I appealed Severe criticism From industry leaders, pro-crypto lawyer Jeremy Hogan chose to review the brief, Highlight Mostly its flaws.
SEC APPEAL ISSUE
According to Hogan, the SEC summary was difficult to work through, suggesting a lackluster collection process. Hogan said whoever drafted the summary did so as if they knew they were wasting their time. He noted that the SEC is only appealing the portion where the court ruled that XRP sold to investors on exchanges were not sales of securities.
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Hogan said the market regulator was not appealing that no investors were harmed. In his opinion, this last part may be difficult to resume, especially with the current market outlook. At the time of writing, the price of XRP has jumped 8.02% to $3.11 over the past 24 hours. XRP remains the same The biggest beneficiary Of the ongoing bull cycle, along with Bitcoin (BTC).
Jeremy Hogan said that the SEC is trying to convince the court that it does not need to prove that XRP investors were aware of Ripple's commitment to increase the price of the coin. The lawyer said that this is the main challenge facing the market regulator.
A dangerous precedent for the SEC
Summing up his opinion in the review, Hogan said that if the initial ruling in the case is upheld, the SEC may have worked against itself in future cases. This is because they may now need to provide knowledge of promotional data from investors, which is an expensive and time-consuming endeavour.
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With Gary Gensler Looking forward to his exit From their positions in just four days, industry experts are speculating on the case's prospects. Incoming President Paul Atkins may withdraw the case, along with the non-fraud cases Gensler has pursued over the past few years.
The United States is in transition, and many are optimistic about a more regulation-friendly administration.
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