XRP Lawsuit News: The long running legal battle between U.S. Securities and Exchange Commission (SEC) and Ripple Labs is waiting for the district court to announce a Summary Judgment. However, an attorney involved in the XRP lawsuit suggests a tie scenario ahead.
XRP Sales After 2018 Not A Security?
Lawyer Bill Morgan highlighted that the US SEC’s own expert admitted that since mid 2018 the two biggest crypto assets Bitcoin and Ethereum price can explain as much as 90% of Ripple’s native token price movement. Meanwhile, the narrative that Ripple Labs’ high proportion of XRP holding means that the XRP ledger (XRPL) is centralized and XRP is a security persists.
It suggests that if the commission’s expert is correct then one would need to posit that Ripple is allowing in some way XRP’s price to be commanded by BTC and ETH price move in order to maintain Ripple’s control of the price as a centralized actor.
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He added that this would be an untenable proposition for multiple reasons. However, the majority of the altcoins’ prices are influenced in a similar manner. Read More XRP Lawsuit News Here…
Commenting on this argument, Attorney Jeremy Hogan highlighted that if the Judge in the XRP lawsuit wants to announce a split decision, she could rule out that their XRP sales since the mentioned period (after mid-2018) were not securities. He supports this assertion with the SEC’s claim that Ripple’s actions had not had much effect on XRP’s price since the stated point in time.
Hogan added that this means that Ripple and its executives would pay a fine and can move forward with the ongoing operations. While, XRP will be the only crypto with a clarity in the digital asset market.
