Saturday, June 22, 2024

Experienced Pro-XRP Attorney Optimistic About Ripple Ruling’s Uphold Chance on Appeal

Title: Pro-XRP Attorney Jeremy Hogan Predicts Ripple’s Historic Win Will Withstand Appeal

In a recent YouTube interview with Darren Moore Jr., Jeremy Hogan, a prominent attorney supporting XRP, expressed confidence that the groundbreaking ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple would likely remain intact even if challenged on appeal.

Hogan highlighted that Judge Analisa Torres’ decision was firmly rooted in the Howey Test, a crucial determinant of whether transactions fall under investment contracts subject to securities laws. The judge’s keen emphasis on factual analysis, according to Hogan, adds substantial strength to her ruling.

He explained, “Judge Torres displayed astuteness by basing her opinion on the Howey Test. She noted that in the programmatic sales of XRP, both the purchasers and Ripple were unaware of each other’s identities, leading to the absence of an expectation of profits. By grounding her decision in these factual details, it becomes less likely to be overturned on appeal. Appellate judges typically avoid delving into the case’s facts, leaving the judge’s determinations undisturbed.”

The SEC’s lawsuit against Ripple, initiated in late 2020, alleged that the company unlawfully sold XRP as an unregistered security. In a significant win for Ripple, Judge Torres ruled last week that the automated, open-market sales of XRP did not constitute securities transactions. However, she did rule in the SEC’s favor when it came to Ripple’s direct sales of XRP to institutional participants, deeming them as securities offerings.

Hogan went on to highlight that the judge’s ruling provides legal protection to retail traders of XRP but not to holders of other digital assets. He clarified, “[Torres] explicitly states that XRP is not a security in the secondary market. This is precisely what we wanted, though it wasn’t formally included in her order as it wasn’t the central focus of the case, and I agree with her stance on that.”

While the ruling offers safeguarding support to XRP holders, Hogan emphasized its limited scope. “This order solely pertains to XRP and doesn’t extend to other digital assets. Non-XRP digital assets aren’t covered directly by this order, but it can serve as persuasive authority in relevant cases.”

In conclusion, Jeremy Hogan’s insights lend optimism to XRP supporters, buoyed by Judge Torres’ well-founded ruling based on the Howey Test and her focus on factual analysis. While the appeal process may bring uncertainties, the attorney’s belief in the resilience of the decision instills hope for Ripple and its community of investors.

Read Also: Investing in Cryptocurrencies: Tips for New Investors

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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