Ripple, XRP supporters delighted after lawyers reveal what he heard
March 25, 2021 5:32 PM
Jeremy Hogan an attorney, although not related to the case says Ripple and it's supporters would be excited about the comments coming from the magistrate's judge in the SEC's case against the company and some of it's executives.
Jeremy characterized the comments made by the magistrate judge in the ongoing case between the United States Securities and Exchange Commission and Ripple as "bombshells."
According to a video on YouTube, Lawyer Jeremy Hogan said, Judge Sarah Netburn from the Southern District Court in New York interfered in the discussion suggesting XRP cryptocurrency is more of a currency than security.
According to Hogan's narrative, the judge said XRP does not only have a currency-like value but it has utility and that utility can be used to distinguish it from bitcoin and ethereum.
Ripple and its executives were accused of selling XRP as unregistered securities by the U.S SEC. The regulators claimed the firm didn't register as security.
"No matter what the U.S SEC may try and argue a security and a currency by definition are two different things." Adding "the judge viewing XRP as utility is precisely what the firm wants the court to be thinking."
The judge's comments came at a virtual hearing which was observed by attorney Jeremy Hogan after the SEC attempted to retrieve personal financial data from Ripple Executives.
Netburn also questioned whether everyone who sold XRP is selling illegal securities? Based on the SEC's argument. Hogan described Netburn's comment as another bombshell.
If XRP is not regarded as securities, this could mean that exchanges that halted the trades of XRP can begin to relist it again according to Hogan's words who emphasized that his comments should not be regarded as legal advise.
Park Bramhall, senior counsel at the Lowenstein Sandler LLP has a different view. He said: "the SEC might have asserted that parties other than Ripple and its associates can resell XRP under Section 4 of the Securities Act which doesn't imply that's exchanges are free to list XRP over again."
Netburn is only assisting District Judge Analisa Torres with discovery and mediation. According to Hogan, this should make Ripple feeling pretty good that their mediator and consulting summary judgment Judge just said what the Ripple team has argued in their pleadings on the case.