Renowned cryptocurrency legal expert Jeremy Hogan recently made a bold statement that has reverberated throughout the digital currency community: “crypto lawyer declares high-stakes Ripple v. SEC case is over“. This audacious claim comes in the wake of some significant developments in the long-drawn-out legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Why Hogan Believes the Ripple v. SEC Case is Closed
Jeremy Hogan, a partner at Hogan & Hogan law firm, has expressed his conviction that the lawsuit over Ripple’s cryptocurrency, XRP, has effectively come to an end. This follows the SEC’s decision to drop aiding and abetting charges against Ripple Labs’ senior leaders, a move that occurred after the regulator lost a portion of its case against the blockchain company. In Hogan’s view, this implies that the planned trial against Ripple’s Brad Garlinghouse and Chris Larsen is unlikely to take place.
Despite this, the SEC and Ripple are still required to discuss and agree on a briefing schedule concerning the sole unresolved issue in the case: the suitable remedies for the San Francisco-based company’s institutional sales of XRP. These sales could potentially attract penalties of up to $770 million. Hogan anticipates that a final judgment could be delivered by the court sometime next year, although a settlement between Ripple and the SEC before the judgment is entered remains a possibility.
The SEC’s Slim Chance of Success in Ripple Appeal
It’s worth noting that the SEC has previously disclosed plans to appeal the court’s summary judgment on programmatic sales of XRP. However, the regulator’s attempt to file an interlocutory appeal was turned down earlier this month. As such, if the SEC still wishes to lodge an appeal, it will have to wait until the penalty phase has been finalized. Hogan posits that there is a minuscule chance—around 14.2%—of the SEC succeeding in an appeal against Ripple.
“The manner in which the Judge wrote her opinion, which was very fact-based, does not increase that chance for the SEC,” Hogan elaborated. As the Ripple vs SEC legal saga unfolds, Hogan also pointed to other potential game-changers, such as an Act of Congress or a change in political regime, which could significantly influence the outcome of this high-profile lawsuit.
XRP’s Potential for Further Gains
At the time of writing, XRP was trading at $0.5569, reflecting a 4.3% increase over the past 24 hours. Positive legal developments could further boost XRP’s potential for gains, potentially propelling the token into a prolonged bullish phase. A move above $0.57 would potentially set the stage for $1 in the near future.
For those interested in keeping a close eye on these developments, the cryptoview.io application offers an excellent platform for tracking the performance of various cryptocurrencies, including XRP.
