Pro-XRP lawyer Jeremy Hogan believes Judge Torres may follow LBRY’s final ruling and not address XRP secondary market transactions.
The final ruling of the SEC v. LBRY’s lawsuit has continued to stir reactions from pro-XRP lawyers. As reported by Crypto Basic, US District Judge Paul Barbadoro issued the final ruling of SEC v. LBRY.
However, the judge refused to clarify LBRY Credit’s (LBC) secondary market sales because the party did not litigate the issue.
Judge Torres May Not Comment on XRP Security Status
Following Judge Barbadoro’s refusal to comment on whether LBC is security, prominent lawyer Jeremy Hogan stressed the likelihood of the XRP community getting a similar ruling in the ongoing SEC v. Ripple case.
According to attorney Hogan, Judge Analisa Torres, the presiding judge of the SEC v. Ripple’s lawsuit, may choose not to comment on XRP secondary market transactions.
“Is a similar result possible in the Ripple case? Yes. Possible.
But, the Court would have to find that there is not enough to the Fair Notice Defense to have a trial on the issue,” Attorney Hogan added.
Yes. Possible.
But, the Court would have to find that there is not enough to the Fair Notice Defense to have a trial on the issue.
Also, the Court would have to find that past AND present sales of XRP are investment contracts in order to provide injunctive relief.
— Jeremy Hogan (@attorneyjeremy1) July 11, 2023
He added that if Judge Torres follows her colleague and does not comment on XRP secondary market sales, then the status quo remains.
In this scenario, attorney Hogan said San Francisco-based exchange Coinbase might not relist XRP, nor would other trading platforms currently supporting the coin delist it.
LBRY’s Injunctive Relief Might Hurt Ripple
Furthermore, attorney Hogan spoke on other issues related to Judge Barbadoro’s ruling, including the injunctive relief. Per Hogan, the injunctive relief issued by Judge Barbadoro could be a significant problem for Ripple if it gets a similar ruling against the SEC.
Hogan said that under LBRY’s injunctive relief, Ripple could be prohibited from selling XRP from its escrow accounts.
Conclusively, attorney Hogan said the LBRY ruling is just another feather on the SEC’s cap, and the case only provides little market guidance.
In conclusion, this ruling (and indeed this case) provides little market guidance and has "protected" no one.
In fact, it hurt ALL the people involved.
It's just another feather in the SEC hat. That's all.
— Jeremy Hogan (@attorneyjeremy1) July 11, 2023
Top Lawyers Say Judge Torres Will Address XRP Secondary Market Sales
Meanwhile, XRP enthusiasts think Judge Torres must address XRP’s secondary market sales. Pro-XRP lawyer Fred Rispoli is one of those who shared this sentiment. According to Rispoli, Ripple’s second defense stated that “XRP is not a security.”
Judge Torres has to address it as @Ripple raised the issue in its 2nd affirmative defense in its answer to SEC's amended complaint (ECF No. 43): https://t.co/IHlcekpKET pic.twitter.com/X9iEwLz7Qm
— Fred Rispoli (@freddyriz) July 12, 2023
Consequently, Judge Torres may be required to comment on whether XRP is a security in her upcoming ruling.
As reported earlier, Crypto-Law founder attorney John Deaton highlighted three reasons Judge Torres would address XRP’s secondary market sales. According to Deaton, the multiple amici briefs filed in the Ripple case will prompt Judge Torres to address XRP’s secondary market sales.
Recall that Deaton filed an amicus curiae brief for over 75K XRP holders in the lawsuit. Other entities like Coinbase, SpendTheBits, TapJets, and Blockchain Association also filed amici curiae briefs.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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