Crypto News: The victory of the XRP community in the lawsuit between the US Securities and Exchange Commission and Ripple is hardly reversible, according to lawyer Jeremy Hogan. Following Judge Analisa Torres’ ruling that XRP is not a security and that digital assets should be viewed in all circumstances in which the asset is traded, the next step from the US SEC is awaited. In December 2022, Hogan predicted that the SEC would likely file for reconsideration of the injunction. After the reconsideration attempt, the federal regulatory agency could appeal the decision, the lawyer predicted at the time.
Also Read: Terraform Labs wants access to FTX wallets in defense of fraud cases
Since the Summary Judgment was issued, the XRP price has risen by as much as 60% and has so far maintained the same price range at around $0.80, while XRP holders are speculating that the token will soon hit $1. The ruling brought about immediate change in the United States’ crypto ecosystem, with top exchanges such as Coinbase restoring XRP trading on their platform.
Attorney Jeremy Hogan explains the untouchable part of XRP
Referring to Judge Torres’ landmark ruling, the attorney said the SEC may not be able to appeal XRP’s status as having no security in itself. He explained that the underlying meaning of the order shows that part of the order is not subject to appeal, which could be an irreversible win not only for XRP holders but also for the crypto market.
“I don’t think that’s attractive. I don’t think an appeals court would touch that part of the order that says XRP is not a security per se.
In a last-ditch effort, former Terraform Labs CEO Do Kwon is seeking to dismiss the SEC lawsuit against him, citing Judge Torres’ ruling in the XRP lawsuit, CoinGape reported.
Also Read: New York Times Reveals Shocking ‘Notes’ From Sam Bankman-Fried’s Girlfriend
Anvesh reports important crypto updates around regulations, lawsuits and trading trends. Published about 1,000 articles and counted on crypto and web 3.0. He is currently based in Hyderabad, India. Contact him at firstname.lastname@example.org or twitter.com/BitcoinReddy
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Lawyer Declares ‘Untouchable’ Part of XRP Victory Ruling
was published first on https://coingape.com/attorney-explains-untouchable-part-of-xrp-victory-ruling/