The SEC v. Ripple lawsuit has garnered the attention of the crypto space in the last months, and the wider community is being driven to learn the ‘legalese’ of how the US legal system works. The crypto community is keeping updated with all the happenings, and recently Attorney Jeremy Hogan has tried his hand at battling Ripple.
Ripple counsel’s strategy has been praised by several legal experts, most notably James K. Filan and Jeremy Hogan. Meanwhile, the SEC has also been criticized for allegedly erasing documents, contradicting themselves, delaying the conclusion, and for their suspicious handling of the lawsuit they filed.
Still, the SEC’s strategy seems to be the right one, as said by Attorney Jeremy Hogan. When he was asked what he would do if he were the counsel for the SEC, here is what he said.
He says that the SEC does not have a bad strategy and that they are closely following how Judge Torres saw the case, which makes it very simple. He notes that the plaintiff’s strategy is gathering all the evidence, communicating with the judge, and saying that when people bought the digital token, the uses of XRP were limited to those that Ripple developed. He further adds that the blockchain was only looking to increase the price of XRP when they sold the token.
However, Attorney Hogan added that the SEC is downplaying the fair notice defense. He also hypothetically argued that Ripple should have known about the Howie test way before the lawsuit was made public. The lawyer also continued to add that the SEC is keeping the section 5 violation argument simple, and the commission is definitely looking at Ripple for profit.
Attorney Hogan said that this would be 100% the SEC’s approach. If they win this lawsuit, the commission will likely continue its regulation-by-enforcement approach to effectively scare everybody in the crypto space.
However, with the recent moves made by Ripple’s counsel, the chances of the SEC winning are slim. Moreover, since the last sur-reply Ripple submitted, the crypto community started backing XRP again. And with their 2022 initiatives aimed at expanding their payment ecosystem, the support for XRP from the community is likely to increase.
