The Ripple community has been enlightened regarding the ongoing legal battle with the Securities and Exchange Commission (SEC), courtesy of lawyer Jeremy Hogan.
Hogan asserts that the court might not grant the SEC’s motion for summary judgment. Ripple, the defendants, the SEC, and the entire crypto sector are looking forward to the summary judgment in the XRP dispute. Nevertheless, the significant case’s counsel has provided the community with certain encouraging information regarding XRP.
A number of the difficulties, according to attorney Jeremy Hogan, might preclude the SEC’s motion for summary judgment from being approved. He emphasized that the commission cannot satisfy the burden of proof under the Howey test.
He argued that to win the petitions for summary judgment, the SEC must demonstrate each condition by a significant majority of the evidence.
Hogan referred to statements made by Ripple as the sole supporting evidence of the Securities and Exchange Commission (SEC). There will also be a low number of purchasers who will discuss how Ripple affects the price of XRP. Nevertheless, the commission rejected a crucial expert witness.
The expert witness for the defense challenged the claims of the SEC. Since 2018, this action has connected the XRP price fluctuation to market dynamics. 3000 affidavits noting that Deaton (Amicus Curiae) and XRP owners were not expecting Ripple to increase the price of XRP have even been presented.
Hogan argues that the SEC has been unable to meet its heightened standard of evidence. Now, 3000 affidavits and expert opinions are placed in front of a handful of statements from the SEC from over eight years earlier. There remains a valid disagreement on a significant fact, should the court choose to disregard this.
Nevertheless, Ripple has offered specific, convincing proof that an astute purchaser of XRP was not relying on Ripple to drive up the price.