Pro-XRP attorney Jeremy Hogan says that if the US Securities and Exchange Commission (SEC) wins a potential appeal in the Ripple case, the initial partial victory for the payments company is likely to stand.
Hogan say that, according to an SEC court, the potential regulator’s appeal in the Ripple case is only intended to overturn whether Ripple’s own exchange sales violate securities laws.
says Hogan,
“AND… the SEC continues to make questionable decisions and request interim appeals. Note that it is NOT attractive whether XRP itself is a security – only the losses on the programmatic and individual selling issues.
Hogan predicts if the SEC wins on appeal, the crypto exchanges will not de-list XRP, but will instead allow trading of the token as long as they can verify that Ripple is not selling the asset.
“Two separate things. XRP is not security. Period of time. But if the SEC wins the sale appeal, Ripple cannot use exchanges to facilitate the sale.
And the big question: would exchanges keep XRP on the list? I think so, as long as they can verify that the sales are not made by Ripple.”
According to Hogan, the possible appeal is from SEC only targeting XRP sold on exchanges by Ripple and its founders.
“If the SEC wins on programmatic sales then those sales should have been recorded, but doesn’t that change the nature of XRP you have and can sell to me? Only Ripple and the ‘founders’ can sell XRP as an investment contract…
All the lawsuit is about is the programmatic sale of Ripple. The case has no effect on XRP that Ripple is not selling.”
He too believes that if the judge grants SEC’s appeal, Ripple will in turn appeal the lost cases.
“If the judges grant the request for appeal, Ripple will also appeal EVERYTHING it lost.”
The SEC sued Ripple in late 2020 for allegedly selling XRP as an unregistered security.
Judge Analisa Torres ruled in July that Ripple’s automated, open-market sales of XRP are not securities transactions.
However, the judge sided with the SEC when it ruled that Ripple’s direct sales of XRP to institutional participants did indeed represent an offering of securities.
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