Lawyers that are closely monitoring the Ripple vs SEC lawsuit have critically analyzed Judge Analisa Torres’s comments to determine if XRP will be classified as an unregistered security or not.
With the summary judgment expected to take place by the end of this year, according to Ripple CEO Brad Garlinghouse, the global cryptocurrency community is eagerly awaiting the final verdict, which will affect the entire industry and other cryptocurrency exchanges and firms as well.
The Ripple vs XRP lawsuit has recently intensified following the FTX and Alameda Research collapse, which opened a new wave of regulatory scrutiny. Furthermore, the SEC has made several hits, including with LBRY and Kraken exchange.
USA’s Crypto Administration
The Biden administration has passed a new Bitcoin and crypto mining tax law that requires miners to pay 30 percent.
What Has Judge Torres Decided?
According to Jeremy Hogan – a partner at the American law firm Hogan & Hogan – who has been closely monitoring and commenting on the Ripple vs SEC lawsuit, Judge Torres may have already decided on XRP classification. Hogan noted through a tweet that Judge Torres has cited the 1982 Marine Bank vs Weaver case severally regarding XRP as a security.
“In her recent Order, the Judge cited the Marine Bank v. Weaver case at least THREE times when discussing “what a reasonable XRP purchaser believed” when they bought XRP issue. It’s a Supreme Court case which asks whether the thing sold was “commonly” thought of as a security,” Hogan noted
Notably, Hogan’s sentiments were reiterated by John E Deaton, a lawyer representing over 70k XRP investors in the Ripple vs SEC lawsuit. According to Deaton, XRP is neither a security nor its secondary sales.