As the cryptocurrency community anticipates the outcome of the Securities and Exchange Commission (SEC) v. Ripple lawsuit, attorney Jeremy Hogan has forecast that Judge Analisa Torres may likely dismiss the case against the blockchain company.
However, the SEC may not drop the charges against Ripple’s founders Brad Garlinghouse and Chris Larsen, who are alleged to have profited from the sale of unregistered securities in the U.S.
Hogan stated this in response to a Twitter user, @XRPMule comment, who noted that fair notice will be allowed, adding that the SEC will not drop charges against Garlinghouse and Larsen.
“That’s what I’m thinking as well,” attorney Hogan said in response to @xrpmule.
SEC Evidence Against Ripple Founders Weak
Attorney Hogan noted that the evidence, especially the ones against Larsen, is weak because it revealed that Hogan sold 30,000 EUR of XRP to a Portuguese buyer in 2012.
This revelation alone implies that the case is outside of SEC jurisdiction.
“The argument is that the email is not relevant because it was not sent to a U.S. national and the SEC only has jurisdiction over U.S. Nationals,” attorney Hogan commented.
At the time of writing, it is not clear whether the SEC has evidence that both Garlinghouse and Larsen conducted unregistered token sales with U.S. nationals, but further details are expected to emerge in the coming weeks.
Yesterday, XRP price rose as high as $0.91 after Judge Torres ruled that all sealed documents should be opened.
The outcome of the lawsuit is expected to be a standard and a major determinant of how cryptocurrencies will be classified in the near future.
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