XRP holder community confident that the altcoin is not a contract, confirmation from Attorney Jeremy Hogan
- XRP is not a contract, transaction or scheme, argues Attorney Hogan.
- Crypto experts say that the SEC’s case against Coinbase is a clearer example of the regulator's overreach.
- The SEC will need to convince the court that the sale of tokens unrelated to fundraising for Ripple are investment contracts.
Ripple's partial win in the SEC's lawsuit against the payment firm fueled a bullish sentiment among holders in the community.
Pro-XRP attorney, Jeremy Hogan, addressed the crypto community’s concerns regarding XRP’s security status and whether it is subject to the US Securities & Exchange Commission’s (SEC) interlocutory appeal. XRP is a non-security and not a contract or investment scheme, according to pro-XRP attorney Jermey Hogan.
Amici (friends of the court) gathered in the SEC vs. Coinbase lawsuit, and attorney Jeremy Hogan and others highlighted what they called the regulator’s overreach in the case. Dave Weisberger, a crypto expert and co-CEO of CoinRoutes, explained that the US financial regulator needs to do more than win the interlocutory appeal.
XRP status as a security is not subject to SEC appeal: Attorney Jeremy Hogan
Attorney Jeremy Hogan shared his thoughts on the SEC’s interlocutory appeal against Judge Torres’ ruling in the SEC vs. Ripple lawsuit. Ripple’s partial victory has sparked bullish sentiment among XRP holders. It was followed by a relisting spree across crypto exchange platform due to the court’s clarity on XRP’s status as a “non-security.”
In a recent Twitter space, hosted by the XRP-proponent behind the Twitter handle @BlackberryXRP, Attorney Hogan shared a friendly reminder with the community. Hogan said, "XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’ that embodies the Howey requirements of an investment contract.”
Thanks @BlackberryXRP for the amazing hosting.
— Jeremy Hogan (@attorneyjeremy1) August 11, 2023
And a friendly reminder from the Judge: "XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract."
This is NOT subject to appeal. https://t.co/wJGIeLkBKB
Crypto experts say the SEC needs more than a win in its appeal against Judge Torres’ ruling
Dave Weisberger, an expert in the crypto community, argues that the SEC needs to win the interlocutory appeal and convince the court that the purchase and sale of tokens unrelated to fundraising for a common enterprise are investment contracts.
Weisberger argues that it seems a tall order and makes little sense under the existing law and briefs that the SEC should win this argument. This implies that XRP holders can rely on Judge Torres’ ruling, and it is unlikely for Ripple’s partial victory to be tainted by the outcome of the interlocutory appeal.
XRP price is $0.6286 on Binance, at the time of writing.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
