The Ripple v. SEC Case is Effectively Over, Says Lawyer
According to lawyer Jeremy Hogan, the Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs and its token, XRP, is effectively over. Hogan tweeted that the chance of the SEC winning the case is only 2.367%, which is the same odds as the New York Jets winning the Super Bowl. This statement comes after the SEC dropped charges against Ripple’s CEO and executive chair last week.
Case Against Ripple, XRP Long and Difficult
Hogan believes that while the SEC has a 14% chance of winning an appeal, the overall path to victory would be long and difficult. Taking into account various factors, including surviving more litigation and maintaining the lawsuit until 2026, Hogan concludes that the SEC’s final chance of success drops to just over 2%.
Ripple vs. SEC Lawsuit Background
The SEC filed a lawsuit against Ripple and its executives in December 2020, accusing them of selling unregistered securities worth over $1.3 billion. In July, Judge Analisa Torres ruled that XRP is not a security when sold to the public but is considered one when sold to institutional investors. Hogan expects important hearings in the coming months but believes that the case will continue for some time despite the main issues being locked in.
Hot Take: XRP Soars as SEC Drops Case Against Ripple’s Executives
The recent development of the SEC dropping charges against Ripple’s CEO and executive chair has had a positive impact on XRP’s price. With this “stunning capitulation” by the regulator, sentiment in crypto markets has been buoyed. This turn of events may lead to increased speculation about Ripple potentially pursuing an IPO in the future. It remains to be seen how this will affect the future of XRP and Ripple as a whole, but for now, the SEC’s lawsuit appears to be losing steam.
By
By
By
By
By