June 24, 2024

SEC Can’t Win Ripple Case Over Howey Test, Attorney predicts

Attorney Jeremy Hogan has dropped good XRP news for the community. He claims that the SEC’s motion for summary judgment might not get approved

U.S. Securities and Exchange Commission (SEC), Ripple and defendants and the whole crypto community are waiting for the summary judgment in the XRP lawsuit. However, the Attorney covering the crucial case has dropped good XRP news for the community.

According to Attorney Jeremy Hogan, the SEC’s motion for summary judgment might not get approved over several claims. He highlighted that the commission cannot meet the burden of elements of the Howey test.

He suggested that in order to win the motions for summary judgment, the SEC needs to prove every element by the greater weight of the evidence. Or the need to prove that there is no genuine dispute of a material fact.

Hogan mentioned the SEC’s sole evidence is statements from Ripple. It will also include a handful of purchasers about Ripple’s involvement in the price of XRP. However, the commission has abandoned an expert witness on this issue.

Earlier, Coingape reported that the SEC has asked the court for additional time to file a reply to amicus briefs.

Meanwhile, the defendants have countered the SEC’s claims with its own expert witness. This move correlates XRP price action with market forces since 2018. Ripple has even filed 3k affidavits from Deaton (Amicus Curiae) and XRP holders claiming that they were not looking to Ripple to increase the XRP price.

Hogan stated that the SEC has absolutely failed to meet its greater weight of the evidence burden. Now, a handful of SEC Statements of over 8 years stand in front of expert opinions and 3K affidavits. However, if the court keeps this aside then there is still a genuine issue of material fact.

On the other hand, Ripple has filed direct, hard evidence that a reasonable XRP purchaser was not relying on Ripple to price surge.