- Ripple’s chances against the SEC have been further reiterated as positive based on new evidence provided by Attorney Jeremy Hogan.
- The likely positive verdict can push the price of XRP beyond the key resistance level of $1.
While ruling for the Ripple Labs Inc’s legal brawl with the US SEC is expected to be announced soon, Attorney Jeremy Hogan has dropped an interesting update on a pertinent issue involving the market regulator.
On Twitter, Hogan highlighted that Judge Torres previously rendered a verdict against the SEC in a matter involving mining firm Rio Tinto. Interestingly, the SEC filed an appeal against Judge Torres’ decision, hoping for a better outcome. However, according to attorney Hogan, the appellate court upheld Judge Torres’ decision.
I was just reminded of a case in which Judge Torres ruled against the SEC on a key issue, the SEC appealed, and the appellate court upheld Judge Torres.
SEC v. Rio Tinto.
Just don’t ask how long the whole process took. pic.twitter.com/4EPoU4mnhx
— Jeremy Hogan (@attorneyjeremy1) May 3, 2023
Attorney Hogan supplied a page from Morrison Foerster’s 2022 article in which the case was cited. According to the article, Judge Torres determined that scheme liability does not arise where alleged misrepresentation or omissions are the sole basis of such claims.
According to the details, the SEC alleges that Rio Tinto failed to supply accurate information regarding the valuation of its coal mine acquired in 2011.
Following Hogan’s tweet, some XRP community members have begun asking relevant questions concerning the case. For instance, a Twitter user @Neal Cox asked the attorney if Ripple could move on with its business immediately and also permit Coinbase to relist XRP if the Judge rules in favor of Ripple and the SEC files for appeal.
While Hogan agreed that Ripple will move forward with its business, the attorney highlighted that there are no guarantees as to what Coinbase would do. According to him, Coinbase has been showing signs of inconsistency.
Interestingly, the update comes soon after rumors that the SEC and Ripple may be reaching a deal. Even though the update has generated a lot of opposing opinions, the possibility of a quick resolution has further energized the XRP community.
Implications of a Possible Victory for Ripple
A possible victory for Ripple against the SEC could have significant implications for the cryptocurrency industry. Consequently, a favorable ruling for Ripple could result in increased regulatory clarity for the cryptocurrency industry. This could help establish clearer guidelines and rules for companies and individuals to follow when dealing with digital assets.
Additionally, a victory for Ripple could lead to a more relaxed regulatory environment for digital assets. Also, it could provide more clarity on what constitutes security in the context of cryptocurrency. Notably, the US Securities and Exchange Commission sued Ripple Labs for allegedly marketing unregistered securities, a case that has lingered to date.
Will XRP Price Increase to $1 Following Ripple’s Victory
The outcome of the court case between Ripple and the SEC may have an effect on the cost of XRP. If Ripple wins the case, it could potentially result in increased adoption and demand for XRP, which could lead to a rise in its price.
According to data from MarketCap, the XRP coin is currently trading at $0.4569. With the growing sentiment surrounding the possibility of a win for Ripple, that the XRP coin will eventually touch $1 is a reality that cannot be ruled out.
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