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On Jan. 15, the United States Securities and Exchange Commission (SEC) filed its opening in its appeal of the Ripple lawsuit involving XRP’s securities status. While the appeal has drawn intense criticism from industry leaders, pro-crypto lawyer Jeremy Hogan has chosen to review the brief, highlighting mostly its demerits.
Issue with SEC’s appeal
According to Hogan, the U.S. SEC brief was hard to work through, indicating lackluster compilation. Hogan said the drafter of the brief did so as though they knew they were wasting their time. He pointed out that the SEC is only appealing the part where the court ruled that XRP sold to investors on exchanges were not sales of securities.
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Hogan said the market regulator is not appealing that no investors were harmed. In his opinion, appealing this latter part might prove difficult, especially with the current outlook on the market. As of writing time, the price of XRP has jumped by 8.02% to $3.11 in the past 24 hours. XRP remains the biggest beneficiary of the ongoing bullish cycle, besides Bitcoin (BTC).
Jeremy Hogan said the U.S. SEC is trying to convince the court that it does not need to prove XRP investors were aware of Ripple’s commitment to increase the price of the coin. The lawyer said this is the major challenge with the market regulator.
Dangerous precedent for SEC
Summarizing his take on the review, Hogan said if the initial ruling in the case is upheld, the U.S. SEC might have worked against itself in future cases. This is because it may now need to provide knowledge of promotional statements from investors, a costly and time-consuming endeavor.
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With Gary Gensler eyeing his exit from office in merely four days, industry experts are speculating on the prospects of the case. Incoming Chairman Paul Atkins may withdraw the case, alongside nonfraud cases pursued over the past few years by Gensler.
The United States is transitioning, and many are optimistic about a more regulatory-friendly administration.
Source: https://u.today/top-lawyer-says-sec-appeal-becomes-difficult-with-xrp-at-3