Describing the funding of Ripple Labs with the token sale as unlawful, the SEC wants the company to be found guilty of selling unregistered securities. Due to all this pressure, XRP could not exceed the ATH level of 3 dollars, even in the big rally last year.
Lawyer Jeremy Hogan, who has followed and analyzed the lawsuit filed by the U.S. Securities and Exchange Commission, says the top regulator made an unexpected decision in his case.
The SEC sued Ripple in late 2020, alleging that the payments firm was selling XRP as an unregistered security. Attorney Jeremy Hogan said he couldn't be more surprised at the SEC's decision to end the discovery process.
"Almost nothing could have surprised me more than that. And yes, that's a very good thing. The only remaining delay is the appeal of the Hinman emails, and just timing in general. The SEC discovery is complete and it's a big step forward."
It was revealed that SEC Director William Hinman had a conflict of interest when he filed the lawsuit. Hinman also gave a speech in 2018 where he stated that Ethereum is not a security. At the same time, the SEC requested more time to present its appeal against Judge Sarah Netburn's decision to overturn the editor's request to dismiss Hinmnan's speech as evidence.
Attorney Hogan said the survey revealed the SEC's strategy of delaying at all costs. Hogan also says the SEC has weakened its stance by changing the tone about Hinman's speech.
The organizer had previously claimed that Himan's speech was his personal opinion. Now Hogan says the SEC has changed its position.
"Isn't it unfair to Ripple that the SEC can't even properly understand whether the speech is its own personal opinion or perhaps even the guidance of the entire department, and can't even do it properly in a legal defense with too much forethought? What should Ripple have known or guessed?"