Attorney Hogan Says Chamber May Argue That While XRP Sale Is A Security, The Token Isn’t Inherently A Security.
The lawsuit between Ripple and the Securities and Exchange Commission (SEC) is considered the biggest legal battle in cryptocurrency. However, Ripple has not received as much support from crypto-related projects as many expected. The Silicon Valley tech company has pretty much been left to engage with the SEC alone in the lawsuit.
In an interesting development, it seems that Ripple would be getting the support it so badly needs, which could help the company put an end to the ongoing lawsuit.
As announced by attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, the Chamber of Digital Commerce, the world’s leading blockchain trade organization, has chosen to wade into the lawsuit.
“The Chamber is wading into the Ripple v. SEC case,” attorney Hogan said in a tweet yesterday.
Chamber of Digital Commerce Involvement in the Suit
The Chamber of Digital Commerce is seeking to be conferred with the amici status in the summary judgment of the Ripple lawsuit to enable it to provide the necessary support to the blockchain company and XRP holders.
It is noteworthy that the Chamber of Digital Commerce is known for its involvement in the Telegram vs. SEC lawsuit, where it filed an amicus brief on behalf of the messaging giant.
Recall that Telegram was also sued by the SEC for offering unregistered securities in the U.S. via the sale of its Gram (GRM) token.
The Chamber of Digital Commerce is already referred to as Amici in a joint proposal filed by the parties to govern sealing issues concerning the upcoming summary judgment motion. With the development, the organization will join attorney Deaton, who has been trying to bring restitution for over 72,000 XRP holders.
Hogan Gives Hints on What to Expect
As the Chamber of Digital Commerce is seeking amici status in the Ripple lawsuit, attorney Hogan has hinted at what XRP holders should expect.
According to Hogan, the Chamber’s argument will be similar to what the organization filed in the Telegram vs. SEC lawsuit, arguing that “although the sale of XRP might have been a security, the token is not inherently a security.”
Hogan added that the Chamber of Digital Commerce’s argument would be similar to attorney John Deaton’s motion, where he argues that not all XRP coins are security.
The Chamber is wading into the Ripple v. SEC case.
Expect something similar to what it filed in the Telegram case and the argument is that although the SALE of XRP might have been as a security, the token is not inherently a security.
Similar to JDeaton, just not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1) September 11, 2022
With summary judgment around the corner for the Ripple vs. SEC lawsuit, many XRP holders have requested to go through the amici brief filed by the Chamber of Digital Commerce in the Telegram vs. SEC lawsuit. This prompted attorney James K. Filan to share the briefs on Twitter.
#XRPCommunity #XRP 1/2 For those interested, below are the amicus briefs filed by the Chamber of Digital Commerce in SEC v. Telegramhttps://t.co/5po7rMyU32
— James K. Filan 🇺🇸🇮🇪 111k (beware of imposters) (@FilanLaw) September 11, 2022
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Source: https://thecryptobasic.com/2022/09/12/ripple-gets-a-new-support-in-its-quest-to-prove-xrp-is-not-a-security/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-gets-a-new-support-in-its-quest-to-prove-xrp-is-not-a-security