Several crypto lawyers have theories about the current affair of the US Securities and Exchange Commission (SEC) against the payment company Ripple.
This year, the SEC has dropped various BIG-Note crypto enforcement actions, including lawsuits against Coinbase, Kraken, Metamask and investigations into Robinhood and OpenSea.
Lawyer James “Metalawman” Murphy theoretizes that the inexplicable delay of the SEC could be when rejecting the Ripple case because the company “Negotels hard to agree to the SEC to leave some decision by Judge Torres.”
At the end of 2020, the SEC first sued the San Francisco-based payment company due to alleged sale of XRP as a non-registered security. In 2023, district judge Analisa Torres ruled that Ripple’s automated, open-market sale of XRP did not constitute security offers, in contrast to what the SEC claimed.
The judge the side of the security of the SEC that Ripple’s sale of XRP directly to institutional buyers was a supply of securities.
The legal expert Jeremy Hogan agrees with the theory of Murphy and notes that the delay in rejecting the case is probably due to the order in Torres’ ruling.
“The court has imposed Ripple from (in fact) selling directly to customers. There are a solution for that, but Ripple clearly would not have the order at all!
So, assuming that the sec is willing to work with them, the issue is this: As soon as a court issues an order, the parties themselves cannot easily agree to ignore the order! Believe me, many men have come in legal problems by thinking that because they came back to their girlfriend, the restrictive order (a kind of order) could ignore against being within 200 feet of hers.
So how do you solve an order? It is not easy, so I think the case will only resolve in April-May, while all these other things have already been rejected. “
Hogan also explains what he thinks Ripple has to do to resolve the order.
“Ripple has only one shot to resolve the order with the court, so it will have to prepare a very carefully formulated motion. That takes time and the SEC will in principle have to draw on it – more complications.
As soon as this has been agreed, both parties set to reject their appeal and then Ripple adjusts his motion with the court. And then the judge must express the motion that can also take some time.
That is how I see it playing and that is why I think May is the month – although I saw that the profession was rejected in April, prior to the short expiration date of Ripple. “
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