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Pro-Ripple Lawyer Mentions Surprising Fact About XRP Purchasers as Lawsuit Resolution Nears

Wed, 04/12/2023 - 15:12
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Tomiwabold Olajide
XRP buyers in spotlight as Pro-Ripple lawyer reveals unexpected fact in lawsuit
Pro-Ripple Lawyer Mentions Surprising Fact About XRP Purchasers as Lawsuit Resolution Nears
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CryptoLaw founder John Deaton has taken to Twitter to dispel an erroneous idea voiced by some that XRP holders acquired their tokens because of Ripple. Deaton says he knows for a fact that the majority of XRP purchasers were completely unaware of the company Ripple when acquiring XRP for the first time.

He adds that the ongoing legal battle was targeted toward crypto technology — not Ripple specifically.

Deaton has often mentioned the fact that an underlying token itself is nothing more than software code, no matter how it is packaged, marketed, offered and sold.

In recent tweets, Jeremy Hogan, an attorney at Hogan and Hogan, has highlighted the battle between the SEC and crypto. He thinks that Ripple will prevail in its SEC litigation if the judge who rules (or her law clerk) is familiar with cryptocurrency technology. He claims that because there is no single "owner" of the "network," cryptocurrency is decentralized, and it is therefore reasonable for someone to buy XRP as an investment without having a contract with anyone.

Pro-Ripple Lawyer Makes Stronger Case Why XRP and Several Tokens Are Not Securities

Hogan made a strong case for why XRP is not a security in tweets over the weekend. Hogan explains that XRP can only "possibly" fall under the legal definition of a security's "investment contract" in light of that definition.

Hogan's basic claim is that the SEC has not made an argument that an inferred or explicit investment contract existed.

There is no requirement for Ripple to perform any action other than the transfer of the asset; it is still merely an investment, similar to purchasing an ounce of gold, Hogan said. He continues by saying that as there was no such contract in the instance of Ripple, thus, XRP cannot be categorized as a security.

XRP Security Status Debate Intensifies as Pro-Ripple Lawyer Asserts Compelling Factor

In recent updates in the ongoing lawsuit, the SEC has filed additional support for its pending Motion for Summary Judgment.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.