Ripple vs. SEC: Top U.S. Attorney Raises a Vital Question For SEC.
Hogan indirectly shades the SEC for not getting support from “any friend” in its lawsuit against Ripple.
Following an increase in the number of companies seeking to file motions in support of Ripple in the ongoing lawsuit against the Securities and Exchange Commission, a top U.S. lawyer was prompted to ask a pertinent question.
Attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, took to Twitter to ask why the SEC is yet to get a “friend” that will legally support its case against Ripple.
“All of these Amicus Briefs in support of Ripple. Doesn’t the SEC even have ONE friend to step up and support it?” Hogan quizzed his followers.
All of these Amicus Briefs in support of Ripple.
Doesn't the SEC have even ONE friend that will step up and support it? https://t.co/hUgIbNe4tQ
— Jeremy Hogan (@attorneyjeremy1) October 26, 2022
Hogan’s comment comes following the SEC’s response that “it takes no position” on SpendTheBits and Investors Choice Advocates Network (ICAN) motions to file briefs supporting Ripple.
Major Market Players Support Ripple
In recent months, Ripple has received enormous support from users of its fintech solution and selected blockchain organizations to prove that XRP is not a security.
TheCryptoBasic reported recently that Judge Analisa Torres approved the Chamber of Digital Commerce’s request to file an amicus curiae brief in favor of the blockchain company.
Weeks later, two users of Ripple’s solutions, TapJets and I-Remit, filed amicus briefs supporting Ripple. TapJets Supporting Ripple Said XRP use as an alternative to fiat must be preserved, while I-Remit said SEC Dramatically Underestimates Ripple ODL Importance.
SpendTheBits and the Investors Choice Advocates Network (ICAN) supported Ripple’s case against the SEC. The parties declared their intentions to file amicus briefs in support of Ripple. SpendTheBits mentioned that Bitcoin transactions on XRPL take 5 seconds, expressing its support for the Ripple In SEC lawsuit.
Meanwhile, several developments have occurred recently, with XRP holders hopeful that the lawsuit could end in the first quarter of next year. Both the SEC and Ripple have filed their respective summary judgment motions and replies.
The SEC thinks Ripple purposely misinterpreted the Howey test portrayed in the company’s summary judgment motion. On the other hand, Ripple asserted that the Securities and Exchange Commission could not establish a legal theory to back its claim that XRP is a security.