Attorney Hogan asserts that the chances of a settlement in the SEC v. Ripple case have increased ten-fold after the court declared XRP a non-security.
Following the court’s ruling on the SEC v. Ripple case, legal experts have been speculating on the next outcome of the lawsuit.
Securities Lawyers Predict SEC Will Appeal
In what is considered a significant win for Ripple, the court ruled that XRP is not security. It also added that the company’s programmatic XRP sales on exchanges do not constitute an investment contract, and therefore it is not a security.
Meanwhile, many securities lawyers, including John Reed Stark and Marc Fagel, speculate that the SEC will appeal the part of the court’s ruling it lost, and the Second Circuit will overturn the decision.
Attorney Hogan Says Settlement Chances Up 10X
On the contrary, pro-XRP lawyer Jeremy Hogan believes Judge Torres’ declaration of XRP as a non-security will trigger a settlement between the parties.
In an interview yesterday with Darren Moorejr, Attorney Hogan said the chances of the parties settling had skyrocketed 10X after the judge ruled that XRP is not a security.
Attorney Hogan noted that the parties have not settled due to the SEC’s demands. He speculated that one of SEC’s demands could involve Ripple registering all its future XRP transactions.
Per Attorney Hogan, such a demand from the SEC would harm Ripple’s business model.
Furthermore, Hogan speculated that with Judge Torres’ ruling that XRP is not a security, the chances of the parties reaching an agreement had soared 10X.
“[…] Now that we have a non-security designation, that might change. The chances of a settlement in this case just went up ten-fold from Thursday until now. We’ll see what happens, as there could be a settlement in the works,” he added.
Parties Ordered to Choose Settlement Conference Dates
Meanwhile, Hogan’s remarks about a settlement in the lawsuit come days after Magistrate Judge Sarah Netburn ordered the parties to select three dates for a possible settlement conference.
Due to the court’s busy schedule, Magistrate Judge Netburn ordered the dates to be selected at least six to eight weeks beforehand.
The parties are expected to adhere to the order only if they feel a settlement is appropriate at this time.
Pro-XRP Lawyer Says Settlement Conference Won’t Yield Result
It is worth noting that both the SEC and Ripple previously held two different settlement conferences before the judge issued a summary judgment decision. However, both settlement meetings ended in futility, as the parties could not reach a compromise.
Regarding the recent order, pro-XRP lawyer Fred Rispoli said the parties will schedule a settlement conference. However, he speculated that the conference would not yield any positive results like the previous meetings.
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