Jeremy Hogan, an $XRP proponent and a U.S. legal counsel, has recently said that the U.S. Securities and Exchange Commission’s lawsuit against Ripple and two of its executives alleging they “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
Responding to a user on social media, Hogan noted that the lawsuit could be resolved as early as this month, as both sides have already laid out their cases, making it the most likely timeframe to reach an agreement.
The user’s question came after Hogan noted that another XRP proponent’s analysis of the lawsuit was “great” and that he is interested to see in the summary judgment briefings “to what extent Ripple makes the comparison between XRP and ETH.”
The comparison between XRP and ETH is relevant, it’s worth noting, as an SEC spokesman has said ETH and BTC aren’t securities.
The user’s analysis pointed out that if the regulator itself did not know whether XRP was a security or not at the time of the sales, neither did Ripple or its executives, Brad Garlinghouse and Chris Larsen.
Separately, Hogan noted that the SEC could provide the cryptocurrency industry clarity on which cryptoassets are securities and which aren’t. In a tweet, Hogan implied that the regulator chooses ambiguity while it’s supposed to be protecting investors from projects that aren’t following the law.
As CryptoGlobe reported, last year Hogan noted that Ripple settling its lawsuit with the SEC could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. The cryptocurrency community notably sees XRP’s price explode upward this month, based on price predictions.
In a separate case, in which the SEC filed a complaint at a U.S. District Court for the Western District of Washington against three defendants over alleged insider trading in certain securities Coinbase listed, the regulator alleged nine altcoins are securities.
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