Ripple vs SEC Case Essentially Over with 2.3% Win Chance for SEC: Hogan Predicts
Summary:
Legal advocate for XRP, Jeremy Hogan, has predicted a mere 2.3% chance of success for the U.S. Securities regulator in its case against Ripple, following an indication that the regulator will dismiss a lawsuit against two Ripple executives. In related news, the U.S. Securities and Exchange Commission is seeking a default judgment against Sameer Ramani, tied to an insider trading scandal concerning Coinbase. In the NFT space, trading platform Magic Eden has temporarily paused BRC-20 trades due to double-spending concerns. Lastly, crypto-friendly Republican Representative Tom Emmer is attempting to secure a nomination as Speaker of the U.S. House of Representatives.
Legal advocate for XRP, Jeremy Hogan, has speculated that the U.S. Securities regulator stands a slim 2.3% chance of success in its ongoing case against Ripple. This comes after the regulator indicated last week its intentions to discard a lawsuit involving two top executives from Ripple. According to a statement by Hogan on Oct. 22, the legal battle between Ripple and the SEC is essentially concluded, despite critical hearings that are yet to come.
When the SEC dropped the rest of the case, Hogan was quick to reassure that there would be no trial next year. He added that the facts have already been established and there will be no shocking revelation in the future. Last week, SEC’s attorneys expressed the decision to dismiss all allegations against Ripple’s CEO Brad Garlinghouse and executive chair Chris Larsen. This was interpreted by Ripple CLO Stuart Alderoty as a victory.
Hogan anticipates that a final verdict will be passed in 2024 although a settlement or appeal by either or both parties could still occur. In case of an appeal by the SEC, Hogan figures the regulator has only a 14.2% chance of success. The road to this slim victory is rough, filled with numerous hearings, possible appeals, and final appeals from Ripple.
The U.S. Securities and Exchange Commission has recently asked for a default judgment against Sameer Ramani, one of three individuals involved in an insider trading scandal related to Coinbase. The regulator stated that Ramani hasn't responded to the complaint or Amended Complaint filed against him, prompting the SEC to request a default ruling.
In NFT news, Magic Eden has temporarily paused BRC-20 trading on Ordinals due to concerns raised by the community regarding double-spending risks. Despite the issue, trading on Magic Eden continues as usual.
In separate news, Tom Emmer, a crypto-friendly Republican Representative, is seeking nomination as the speaker of the U.S. House of Representatives, securing endorsement from several lawmakers. Additionally, the DeFi Education Fund has filed an amicus brief to a U.S. court, stressing the need to consider the specific nature of blockchain technology when extending user privacy rights under the Fourth Amendment of the U.S. Constitution.
Published At
10/23/2023 5:26:44 AM
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