Jeremy Hogan Responds to Ripple vs SEC Case: SEC Arguments Weak, XRP Functions Strong

Ripple vs SEC case. (Photo; Doc. Pixabay)

JAKARTA – In the midst of the development of the Ripple vs. SEC (US Securities and Exchange Commission) case, digital asset legal expert Jeremy Hogan made a statement regarding the feud between the two parties at the court. According to him, amicus curiae (court friends) were filed by third parties such as I-Remit, TapJets, and Coinbase.

Information only, an amicus brief is known as a "court friend," is a legal document that contains advice or information relating to a court case from an organization or individual not directly involved in the case.

Hogan assessed that the amicus brief filed in a lawsuit could harm the US Securities and Exchange Commission. Hogan said the amicus brief strengthened Ripple's case in a lawsuit that crypto regulators filed against Ripple accusing XRP of being an unregistered security.

“One of the things you see when you look at this amicus brief is that some parts fill holes for Ripple and some parts make new holes in the SEC argument,” Hogan said.

Using the amicus brief example submitted by digital asset payment app SpendTheBits, Hogan said the filing proves that XRP Ledger, the blockchain that uses XRP as its native cryptocurrency, is decentralized.

“This brief submission signaled me some things very clearly,” said the crypto law expert.

Furthermore, Hogan explained that the XRP Ledger blockchain can be used by anyone. Ripple also cannot control its users. Therefore, XRP is “decentralized”.

“First, anyone can use XRP Ledger and XRP like you have a key to use them. Furthermore, Ripple can't even control who even uses XRP Ledger and that makes it sound pretty decentralized. More akin to open source software..." added Hogan.

“[The judge] may not understand blockchain technology but he knows that what this brief describes clearly doesn't sound like something that constitutes security,” he continued.

In addition, the SEC's presumption that XRP is a security has been disproved by evidence from remittance company I-Remit and aircraft company TapJets. This proves that people's motivation to buy XRP is not just for trading and investing.

"Look at what the brief did to the SEC's presumption that the main reason anyone would buy XRP is to simply speculate on the price...", he said.

Hogan explained: “I-Remit and the countless similar companies that have used XRP for cross-border funds transfers daily is clear evidence that I-Remit does not use XRP to speculate about it nor does it consider XRP an investment of inherent value. expected to increase over time.”

Hogan further explained that XRP has real utility in everyday life. According to Hogan, the SEC's lawsuit against Ripple has become a rallying cry for the crypto space industry against the regulator. He noted that support for Ripple from crypto communities in various countries is a good thing. "And I'm glad this case has become a rallying cry and a focal point against the tyranny of the SEC."