A Cryptocurrency Legal Expert Says US SEC Has Made A Big Blunder In Its Lawsuit With Ripple

Crypto legal professional and attorney Jeremy Hogan states that the US-based SEC (Securities and Exchange Commission) has done a huge blunder in the lawsuit thereof with the crypto exchange named Ripple Labs. The SEC filed a legal case accusing the prominent exchange of cryptocurrency of illegally issuing XRP in the form of an unregistered security in 2020’s December.

Hogan – in his latest video – describes the filing of a motion on the behalf of the Securities agency so that the court reexamines the disclosure of emails dealing with the speech of William Hinman (the former Director of Corporate Finance at the SEC) when he declared Ethereum (ETH) not to be a security.

In the motion of the SEC, it was mentioned by the regulator that the former executive’s speech, as well as several remarks of the SEC staff regarding many SEC-related offices and divisions reflecting the approach of the organization regarding the digital assets’ regulation along with several drafts, indicate that they utilized the respective speech for the provision of public guidance over the application of the federal laws for securities on the behalf of the division given by Hinman to deal with sales and offers of the crypto assets such as Ether.

Surely, the regulations of the SEC pointed out that the public statements of Hinman could be trusted as demonstrating the Corp Fin’s views. By speaking that one can take guidance from the comments of Hinman regarding Ethereum, in the words of Hogan, an enormous blunder has been done by the SEC as it backtracked the former argument thereof which asserts that the remarks of Hinman were personal opinion thereof.

He added that there should be an adequate strategy as well as a theory for carrying out a case, and the litigator needs to closely follow that. As less than a couple of weeks are remaining in the conclusion of the discovery phase, Hogan claimed, this last-minute choice of the SEC to twist the argument thereof could result in some risky outcomes.

He moved on to opine that the whole argument of the securities regulator, which has been maintained throughout the previous year, totally turns to zero due to the latest stance of the institution. He does not consider it to be beneficial for the SEC as it could be deprived of its bishop as well as its pawn.

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