May 28, 2024

Prominent pro-XRP lawyer Jeremy Hogan has made a daring assertion regarding the ongoing Ripple vs. SEC case. In a recent tweet, the lawyer said the multi-year lawsuit has ended.

This statement has generated significant buzz within the crypto community, giving hope to XRP enthusiasts anticipating the lawsuit’s conclusion. 

Attorney Hogan Declares Ripple/SEC Lawsuit Over

Attorney Hogan’s assertion about the lawsuit’s conclusion comes in response to a recent development in the legal battle between Ripple’s execs and the SEC. The SEC has decided to drop its case against Ripple’s executives, Brad Garlinghouse and Chris Larsen. 

According to Hogan, this move strongly indicates that the previously scheduled trial involving these executives will no longer occur. However, one key aspect remains unresolved. 

This key aspect involves crucial hearings that will ultimately determine the judgment, potentially resulting in a penalty of up to $770 million. According to Hogan, this remaining legal matter will be pivotal in shaping the case outcome.

Yes, important hearings will be held in the coming months (deciding a judgment of up to $770 million is, of course, important),

The lawyer stated.

Attorney Hogan anticipates that the penalty phase of the legal proceedings will take place in the upcoming months. Following this stage, he speculates that Judge Torres will deliver a final judgment, likely sometime next year.

In this ongoing legal battle, Hogan envisions a few potential scenarios. Firstly, both parties involved, the SEC and Ripple, could opt to settle the case before the final judgment. This settlement would involve them agreeing to specific terms and conditions.

Alternatively, after Judge Torres renders her final decision, either the SEC or Ripple may choose to pursue an appeal to the Second Circuit. This would mean seeking a review of the case by a higher court, potentially leading to a reconsideration of the judgment. 

Meanwhile, the SEC has expressed its intention to challenge the court’s judgment regarding programmatic sales of XRP and other distributions. 

However, Judge Torres rejected its initial attempt to file an immediate appeal earlier this month. As a result, if the SEC still wishes to pursue an appeal, they will need to wait until the penalty stage.

Hogan Shared SEC’s Chances of Winning Appeal

Recently, Hogan shared in his tweet that the SEC has a 14.2% chance of winning an appeal. However, suppose the SEC decides to appeal in the coming year and manages to secure a favorable ruling from the Appellate Court in 2025.

In that case, Hogan anticipates that the higher court will send the case back to Judge Torres. This will be for additional legal proceedings and determinations.

Hogan highlighted that Judge Torres’ initial decision regarding other distributions should have considered whether the second and third criteria of the Howey Test were satisfied.

Additionally, the seasoned attorney notes that the judge acknowledged and considered Ripple’s Fair Notice Defense in her ruling on programmatic sales. Notably, either party can appeal the ruling after the judge’s second judicial determination.

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