Fri Fire: Gold & Oil Up, Bitcoin & Crypto Dive
Crypto legal expert Jeremy Hogan is predicting one possible outcome in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple.
The pro-XRP attorney tells his 262,800 Twitter followers that a judge may rule the sale of the payment token only violated US securities law for a certain time period.
Hogan is reacting to a Tweet from cryptocurrency attorney, Bill Morgan, who highlights a Ripple argument from a December 2022 filing that states that “the SEC’s own expert concedes that, from mid-2018 onward, Bitcoin and Ether [Ethereum] returns ‘can explain as much as almost 90% of XRP returns.’”
Says Hogan,
“If the Judge in the Ripple case wanted to ‘split the baby,’ (that’s a horrific phrase isn’t it?) she could rule that sales of XRP since mid-2018 were NOT securities because even the SEC concedes that Ripple’s actions had almost no effect on XRP’s price since that point in time.
What would that possibly mean? Ripple would pay a fine (which, by my calculations it could afford) and move forward with its business and now with XRP being the only crypto with ‘clarity.’ Maybe Coinbase will only be selling Bitcoin and… XRP by next year?”
In a recent CNBC interview, Ripple Labs president Monica Long said she expects the payment firm to prevail in the lawsuit. Long also said she expects a decision in the case sometime this year.
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