Attorney Jeremy Hogan, one of the prominent legal experts that have been evaluating the securities lawsuit between Ripple, the US-based cross-border payment firm, and the United States Securities and Exchange Commission (SEC), has hinted at a possible timeframe for the Judge to rule a summary judgment on whether or not XRP is presently being traded as a security.
He shared this assertion in response to a viral tweet posted by a pseudonymous XRP community member identified on Twitter as British Miss.
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The tweet is based on Ripple asking the Judge to rule a summary judgment on whether XRP is being traded as a security now or not. She added that there will be another ruling later, which will determine whether or not XRP was traded as a security at inception.
British Miss tweeted, “Ripple is going to ask the judge to rule a summary judgement on whether or not XRP is being traded as a security NOW. Which it clearly isn’t… and then worry about whether xrp was traded as a security in earlier years, later in the court proceedings. Gooooooo ripple!”
The tweet garnered a lot of reactions. Attorney Jeremy Hogan endorsed the tweet, stating that British Miss has just spoken his mind.
“It took me ten minutes to say that and you do it in 2 sentences,” Jeremy Hogan responded.
It took me ten minutes to say that and you do it in 2 sentences. 🙂
— Jeremy Hogan (@attorneyjeremy) March 11, 2021
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Another supposed XRP community member asked him about the timeframe for such a ruling to play out:
“What’s the time frame for something like this? “If it’s possible to even guess”
Responding to the user’s inquiry, Jeremy Hogan said, “Sept/Oct – depends on how the Judge does the briefing schedule.”
Sept/Oct – depends on how the Judge does the briefing schedule.
— Jeremy Hogan (@attorneyjeremy) March 11, 2021
Attorney Jeremy Hogan Evaluates Ripple’s Response
Sometimes in late January 2021, Attorney Jeremy Hogan took time to evaluate Ripple’s response to SEC’s lawsuit. Back then, he highlighted the strongest and the most striking arguments in the legal document.
In his evaluation, he pointed out that the way Ripple challenged the Howey Test in paragraph 13 is the best legal argument from the payment firm.
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Paragraph 13 states that “XRP categorically differs from the various instruments and business arrangements that Congress authorized the SEC to regulate.” The argument states that unlike Ripple, all the instruments and business arrangements that are meant to regulate involve “schemes devised by those who seek the use of money of others on the promise of profits.”
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