Attorney Jeremy Hogan highlights that the SEC’s sole ammunition against Ripple is to appeal Judge Analisa Torres’s summary judgment.
Following the recent court ruling in the SEC vs. Ripple lawsuit, where Judge Torres concluded that XRP is not a security, several comments have flooded the crypto community. Among those to drop a hot take is Attorney Jeremy Hogan.
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Read Also: Attorney Jeremy Hogan States What Would Happen to XRP If SEC Wins the Lawsuit against Ripple
Jeremy Hogan: SEC To Appeal Summary Judgment
Per a recent outcome, the pro-XRP lawyer mocked the United States Securities and Exchange Commission (SEC), stating that the agency has only one ammunition against Ripple.
According to him, an appeal is the only weapon the Securities Commission possesses as the head into a settlement conference over the XRP lawsuit. “Heading into a settlement conference, an appeal is really the ONLY ammunition the SEC has against Ripple,” Hogan wrote.
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
Hogan further stated that the SEC has demonstrated its intention to appeal Judge Torres’ judgment that XRP is a non-security. While there is no official appeal statement from the SEC, the commission hinted at such plans when SEC Chair Gary Gensler expressed disappointment over the court’s decision on Ripple’s programmatic sales shortly after the verdict.
Recall that the SEC also indicated that the summary judgment issued on July 13 was erroneous, citing the attempt from Terra founder Do Kwon and Terraform Labs to use Ripple’s judgment in dismissing their charges. Accordingly, the SEC asked the judge presiding over the TFL case to disregard Judge Torres’ ruling.
“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,” the SEC’s filing read.
Citing all of these instances, Hogan upheld that the SEC plans to appeal the summary judgment. Whether the SEC will appeal the decision or not, remains to be seen.
Ripple-SEC Settlement Conference
Notably, there is a possibility for SEC and Ripple to attend a settlement conference, which will be overseen by Magistrate Sarah Netburn. The parties are expected to select three dates for the conference.
While previous settlement attempts were unsuccessful, several XRP enthusiasts hope for a resolution this time, citing the recent ruling that ratified that XRP is not a security. However, Ripple made it clear that it will only settle with the SEC if the commission provides clarity on XRP.
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