Attorney Jeremy Hogan has suggested that the judge hearing the case against Ripple brought by the United States Security and Exchange Commission may already have made a decision on whether or not XRP is a security.
The lawyer who is an advocate of XRP recently shared an intriguing discovery with the public in a tweet. He noted that the judge, in her latest decision, had referenced Marine Bank v. Weaver, a case from the 1980s concerning securities law, multiple times while considering what XRP investors believed when they bought the token. As Hogan pointed out by quoting from this precedent case, it considers whether what was sold was commonly regarded as security.
Lawyer John E. Deaton addressed Hogan, saying the passage showed that even though an arrangement in a deal granted investors a portion of the company’s income, the court determined that this deal could not be considered a security. The lawyer representing thousands of XRP holders in court argued further that an amicus brief submitted on behalf of XRP holders also highlighted how XRP itself and its subsequent sales were not securities.
Hogan concurred with Deaton’s opinion that the amicus brief submitted by XRP holders could have a significant influence on the outcome of the case, based on his analysis of the Daubert motions.
Deaton was sure that the judge would reject the SEC’s request for a ruling without having to go through a trial, as they had taken away their specialist’s opinion on how XRP holders saw it.
The judge’s decision on Daubert motions is generally seen as a success for XRP investors. Besides the example mentioned by Deaton, the judge also rejected an SEC specialist’s assessment of the threats to the XRP Ledger if Ripple vanished.
Hogan’s latest comment may indicate which way the judge is likely to decide in her summary judgment decision. If he is correct, XRP supporters will be elated as it would mean the judge does not think XRP is a security.
The public is anticipating the court’s decision on the two-year long SEC enforcement case in the near future.
Deaton has expressed a preference for the court ruling that XRP and related transactions are not securities, even if Ripple’s arguments prove to be unsuccessful.
