Jeremy Hogan’s Take on the SEC’s Appeal of XRP Ruling
Renowned lawyer Jeremy Hogan has reiterated his statement that the SEC legally cannot appeal the Judge’s ruling on XRP’s legal status. Here are the key points:
1. XRP’s nature does not qualify as an “investment contract” under the Howey test.
2. The judgment stands firm and is beyond appeal.
3. The SEC hasn’t shown interest in challenging the decision.
4. Appeals in the legal industry are not straightforward.
5. The appellate court only assesses evidence presented in the primary trial.
The Appeal’s Process Under the Lens
Hogan explains that while there was a recognized common enterprise between Ripple and institutional buyers, it did not encompass other XRP holders or the broader “XRP ecosystem.” Here are the key points:
1. Establishing a common enterprise is more challenging than the third criterion of the Howey test.
2. The appellate court only evaluates evidence from the primary trial.
3. New insights or witnesses do not affect the evaluation.
4. The SEC argued XRP’s classification as a security.
5. A tangible transfer is not required for the “sale” of securities.
Hot Take
Jeremy Hogan firmly believes that the SEC’s appeal of the XRP ruling is not legally possible. He states that XRP’s nature does not meet the criteria of an investment contract, and the judgment stands strong. The SEC’s lack of interest in challenging the decision further supports this stance. Appeals in the legal industry are complex, and the appellate court only assesses evidence from the primary trial. Hogan’s insightful breakdown sheds light on the intricacies of the appeal process and the significance of XRP’s classification as a security.
By
By
By
By
By