- Jeremy Hogan asserts that the SEC’s position is precarious after the court’s rejection of its interlocutory appeal.
- The lawyer predicts that the best possible option for the regulator is to settle litigation against Ripple.
- The SEC will likely move forward with the next trial in April 2024, posing a greater possibility of losing.
XRP attorney Jeremy Hogan, in a recent set of sarcastic comments, unveiled his perspectives on the precarious plight of the Securities and Exchange Commission (SEC) following the court’s denial of the regulator’s interlocutory appeal. Eliminating the prevailing confusion regarding the possible outcome of the SEC-Ripple lawsuit, the lawyer asserted that the best possible option for the SEC is to settle litigations against Ripple.
Judge Analisa Torres’ declaration that XRP is a non-security, marked Ripple’s landmark victory as it defied the SEC’s accusations against Ripple. Adding to the win, on October 3, Judge Torres rejected the regulator’s motion to appeal its loss against the defendant, claiming that the SEC failed to prove their appeal would “materially advance the ultimate termination of the litigation.”
While the court stood against the SEC’s proposal to appeal, the crypto community has been looking forward to the potential success of Ripple over the commission despite the uncertainties regarding the SEC’s further strategies. However, according to the predictions of Hogan, the SEC is most likely to confront the defendants in the next trial in April 2024, posing a higher possibility of losing. The tweet read, “The SEC could easily take an “L” at trial and have some of its dirty laundry aired at the same time.”
Per the lawyer’s projections, though less possible, the best option for the SEC is to choose a settlement with Ripple, at a settlement conference. As of now, the regulators show “little desire to compromise”. Hogan asserted,
Settlement is a good option for the SEC. It gets to publish another “win” and collect a big check from the bad guys. The Judge cleared this path for them by clarifying that her ruling only applies to the facts specific to XRP.
Finally, Hogan leaves an 8.675% for some unpredictable scenarios, stating, “Who knows”. Reiterating that the SEC’s choices ahead are lengthy and fruitless, Hogan concluded, “The Summary Judgment is the law of the land and that can’t even possibly change until…2026 at earliest.”
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