2023-10-23 17:45 |
Pro-Ripple lawyer Jeremy Hogan has made a bold declaration, suggesting the Ripple v. SEC case is effectively concluded.
Taking to X (formally Twitter) on Friday, the lawyer argued that although important hearings are still on the horizon, the time for anxiously waiting for the case’s outcome is essentially over.
“For all intents and purposes, the Ripple v. SEC case is over,” Wrote Hogan.
“The SEC dismissed the rest of the case, so there will be no trial next year. The facts have been set – nothing new or surprising will be coming out,” he added, emphasizing that only Ripple needs to worry about the impending Final Judgment.
Furthermore, Hogan highlighted the potential scenarios following the Final Judgment. According to him, the case could either settle before this judgment is entered or proceed with appeals. Notably, the SEC has indicated its intention to appeal, signalling the possibility of a protracted legal battle. Hogan, however, placed the chances of winning the appeal at 14.2%.
Hogan’s assertions coincided with those of John Deaton, another prominent pro-Ripple lawyer who countered the notion of an immediate SEC appeal. Notably, both lawyers, however, seem to agree about the importance of the upcoming hearings, which will decide on a judgment of potentially $770 million. It is worth noting that the SEC is aggressively pursuing the entire $770 million in the Ripple case.
However, Ripple aims to exempt certain On-Demand Liquidity (ODL) transactions from penalties and include legitimate business expenses, like salaries, advertising, travel, and insurance, in the fine calculation.
That said, Hogan’s statement comes on the heels of a significant development where the U.S. Securities and Exchange Commission (SEC) voluntarily dropped charges against Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen, igniting speculation about the lawsuit’s future.
It is worth noting that the SEC has faced several setbacks in its extensive pursuit of crypto firms it claims are violating securities laws. The recent denial of an attempt to appeal the Ripple case while other issues proceeded through the trial process showcases the challenges faced by the regulatory body in this complex legal landscape.
The absence of comprehensive crypto regulatory laws from Congress places even greater importance on these court battles, which may ultimately define how the U.S. government approaches digital assets.
That said, amid these legal developments, Ripple has continued to strengthen its international presence, with reports suggesting that approximately 90% of its business now takes place outside the United States as XRP continues to see phenomenal growth and adoption.
It’s clear that XRP’s “whale and shark” campaign is aimed at bringing the coin’s price back to life and possibly even hitting a new high. Since accumulation—especially constant accumulation—always comes before a big price spike, XRP whales and sharks could play a key role in pushing the coin’s price higher.
On the other hand, it’s still unclear when XRP will start to rise back to $1. However, if this rapid accumulation keeps up, it won’t be long until the coin crosses the elusive $1 threshold and eventually reaches $10.
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