Pro-XRP Lawyer Names Only Ammunition SEC Has Against Ripple

Attorney Hogan indirectly shades the SEC, saying the commission’s only ammunition against Ripple is an appeal.

Attorney Jeremy Hogan has joined other top pro-crypto lawyers to comment on the SEC’s decision to appeal Judge Analisa Torres’ summary judgment.

In a recent tweet, Attorney Hogan said an appeal is the SEC’s only ammunition against Ripple in the upcoming settlement conference between the parties.

Heading into a settlement conference, an appeal is really the ONLY ammunition the SEC has against Ripple.

Of course it says it will appeal…I don't think you can read too much into that statement one way or another. https://t.co/DOzJBRbeV0

— Jeremy Hogan (@attorneyjeremy1) July 22, 2023

SEC Confirms Plans to Appeal

According to Hogan, the SEC has already confirmed that it will appeal Judge Analisa Torres’ decision. As reported, the SEC recorded a partial loss, which saw the judge rule that XRP itself is not a security.. 

Recall that the SEC has hinted at plans to appeal the court’s decision. Shortly after Judge Torres issued the decision, the SEC issued a statement saying it is still reviewing the ruling. 

A few days later, SEC Chair Gary Gensler expressed disappointment over the court’s decision on Ripple’s programmatic sales.  

Interestingly, the commission indicated that the summary judgment was wrongfully decided after TerraForm Labs and its founder Do Kwon tried to use Ripple’s victory to dismiss the cases against them. 

It asked the judge presiding over the TerraForm Labs’ case not to rely on Ripple’s summary judgment because Judge Torres made a wrong decision. 

“Respectfully, those portions of Ripple were wrongfully decided, and this court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review,” an excerpt of the SEC’s filing read. 

These remarks have stirred speculation that the SEC plans to appeal the decision. Reacting, Hogan said there is no other way to understand the SEC’s recent comment aside from the fact that the commission is planning to appeal the decision. 

Upcoming Settlement Conference

Meanwhile, the SEC and Ripple are expected to select three dates for a settlement conference. Magistrate Sarah Netburn, the judge who ordered the SEC to surrender Hinman’s documents, will preside over the conference. 

As reported, Magistrate Netburn ordered the parties to select three dates for a settlement conference if they think it is appropriate at this time. 

Due to the court’s busy schedule, the dates need to be chosen at least six to eight weeks in advance. It is worth noting that the parties had previously held two settlement conferences in the past. However, they did not reach a compromise.

Some XRP enthusiasts believe the parties will settle this time since the conference is after the summary judgment decision.

Ripple to Settle If XRP Gets Clarity

Meanwhile, Ripple has made it clear that it will only settle with the SEC if the commission declares XRP as a non-security. 

The blockchain company noted that it would take the case to the Supreme Court if XRP is not declared as a non-security by the SEC. 

At the moment, Judge Torres has already ruled that XRP is not a security, thus giving Ripple the upper hand ahead of any settlement conference.