Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A Twitter user asked pro Ripple lawyer Jeremy Hogan for an unusual request: a victory dance after Ripple wins the SEC lawsuit.
"I would love to see a video of attorney Jeremy doing a happy dance after Ripple wins the case," the user tweeted. Hogan's response to the user's request was in the affirmative: "That, can be arranged," he answered.
That, can be arranged.— Jeremy Hogan (@attorneyjeremy1) February 4, 2023
The response excited members of the XRP community, as one commented on the post that they would all join in the victory dance. The ongoing Ripple-SEC lawsuit is on the verge of its "first set of outcomes." The motions for summary judgment were fully briefed over the past year, and the judge's ruling is now awaited.
James K. Filan, a U.S. defense lawyer who usually posts updates on the lawsuit on Twitter, predicts one big written ruling by March 31, 2023.
Ripple CEO Brad Garlinghouse believes a resolution could be reached in the first half of 2023. Whenever the decision is made, the possibility remains that a resolution will be reached in 2023.
SEC's arguments getting weaker
Earlier this week, CryptoLaw founder John Deaton secured a significant victory for cryptocurrency startup LBRY, as the judge stated unequivocally that his ruling did not apply to secondary market transactions of LBC tokens.
This implies that "LBC itself is not a security. If it was, his ruling would apply to all sales." John Deaton stated this in tweets.
According to Josh Barbin, a fiduciary, this certainly adds weight to Ripple's position that today's XRP (at least non-escrowed or pre-allocated) is not a security.
SEC commissioner Hester Pierce also expressed privately that the SEC's case is not as strong as it assumes and that a judge may rule in favor of Ripple's defense.
As the days go by, hopes for a favorable outcome in the Ripple lawsuit — which many believe would bring clarity to the cryptocurrency market — remain high.