The XRP community’s victory in the he U.S. Securities and Exchange Commission vs Ripple lawsuit is barely reversible, according to attorney Jeremy Hogan. Following Judge Analisa Torres’ ruling that XRP is not a security and that digital assets should be viewed in totality of circumstances in which the asset is transacted, the next move from the US SEC is awaited. In December 2022, Hogan predicted that the SEC could likely go for filing for reconsideration of the summary judgment. After the reconsideration attempt, the federal regulatory agency might appeal the decision, the attorney predicted at the time.
Since the Summary Judgment was delivered, the XRP price grew by as much as 60% and so far maintained the same price range around the $0.80 mark, whereas the XRP holders are speculating on the token touching $1 mark soon. The ruling brought about immediate change in the United States crypto ecosystem, with top exchanges like Coinbase reinstating XRP trading on its platform.
Attorney Jeremy Hogan Explains XRP’s Untouchable Part
Referring to the historic ruling by Judge Torres, the attorney said the SEC may not be able to appeal the XRP’s status as not being a security in itself. He explained that the underlying meaning in the order shows that part of the order is not appealable, in what could be an irreversible victory not just for XRP holders but also for the crypto market.
“I don’t think that’s appealable. I don’t think any appellate court would touch that part of the order that says XRP in itself is not a security.”
In a latest, Terraform Labs former CEO Do Kwon is seeking to dismiss the SEC lawsuit against him citing Judge Torres’ ruling in the XRP lawsuit, CoinGape reported.
