In a video published on YouTube by Attorney Jeremy Hogan – who, according to the video – attended the discovery hearing in the SEC vs Ripple case, the judges dropped some hints that they may be leaning in favour of Ripple.
Although no court documentation has been made available yet – and as a result, the conclusions drawn from the video must be approached with caution – Judge Sarah Netburn, who assists Primary Judge Analisa Torres in the current case, has made two comments in the court case that may show that Ripple already has the upper hand.
The Utility Of XRP Is Key
According to Attorney Hogan, Judge Netburn allegedly interrupted the ongoing debate to say that – as far as she can tell – XRP is not only an asset with monetary value but one with a specific utility that is not a store of value.
“My understanding about XRP is that not only does it have a currency value, but it has a utility and that utility distinguishes it from bitcoin and ether.”
Later on, Judge Netburn also reportedly inquired whether, according to the SEC, all those who’ve sold XRP have sold illegal securities – to which the SEC attorney responded that according to Section 4 of the U.S. Securities Act, only Ripple and its affiliates could be accused of illegal sales.
Hogan himself weighed in on the proceedings, stating that since a currency and a security are fundamentally different.
“No matter what the SEC may try and argue, a currency and a security are, by definition, in opposite … These are two different things. […] If I’m Ripple, I’m feeling pretty good that my mediator and consulting summary judgement judge just said on the record what I essentially argued in my pleadings.”
In late January, Ripple issued a FOIA request demanding to know how Ethereum (and Ethereum’s treatment by the SEC) differs from XRP. According to these alleged statements, the difference seems to have been found in court. At the time, Ripple argued that XRP is not a security, and as such is outside of the SEC’s jurisdiction.
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