Attorney says SEC Can't Win Ripple Case Over Howey Test.
U.S. The Securities and Exchange Commission (SEC), Ripple, the defendants, and the whole crypto community are looking forward to the summary judgement in the XRP litigation. However, the significant case's lawyer has informed the community of some good XRP news.
Jeremy Hogan, an attorney, has good news for the XRP community. He claims that the SEC's request for summary judgement might not be approved.
XRP community members have received positive news from attorney Jeremy Hogan. He asserts that the request for summary judgment made by the SEC might not be granted.
U.S. The summary ruling in the XRP litigation is anticipated by the Securities and Exchange Commission (SEC), Ripple, the defendants, and the whole crypto community. The attorney handling the important case, however, has shared some positive XRP news with the community.
SEC to prevail in XRP lawsuit's summary judgement?
Attorney Jeremy Hogan asserts that a number of the issues could prevent the SEC's move for summary judgement from being granted. He emphasised that the Howey test's burden of proof cannot be met by the commission.
He asserted that the SEC must prove each element by a preponderance of the evidence in order to succeed on the requests for summary judgement. Or the necessity to demonstrate that there isn't a real disagreement about a crucial fact.
Hogan mentioned assertions from Ripple as the SEC's only supporting documentation. A small number of buyers concerning Ripple's influence on XRP's price will also be included. The commission, however, disregarded a relevant expert testimony.
As previously noted by CoinGabbar, the SEC has requested the court for more time to submit a response to amicus briefs.
What American watchdog is lacking in action?
In the meantime, the defence' expert witness refuted the SEC's assertions. This activity links the price movement of XRP to market forces since 2018. Deaton (Amicus Curiae) and XRP holders have even submitted three thousand affidavits to the effect that they were not looking to Ripple to drive up the price of XRP.
According to Hogan, the SEC has utterly failed to uphold its increased burden of proof. Currently, a few SEC Statements from more than eight years ago stand in front of 3K affidavits and expert views. If the court decides to ignore this, there is still a real dispute over a significant fact.
However, Ripple has submitted concrete, clear evidence that a prudent buyer of XRP was not counting on Ripple to cause a price increase.
