According to the Hogan and Hogan law company partners, SEC has some serious explaining to do on this new change of heart for not stating XRP as a digital currency anymore. The partners have been pursuing the case for some time now. According to Jeremy Hogan, a partner at Hogan and Hogan law firm SEC, it is kind of backing out on their own statement calling XRP a digital currency back in 2016. According to Hogan, now SEC would have to submit their brief regarding how it has turned into a digital security company now.
According to Jeremy Hogan, the document which can put out the back-in-day diplomacy of SEC regarding XRP dates back to 2016 and mentions the Ripple bound XRP a digital currency. This argument already sympathizes with the FinCen verdict that was made back in 2015. This is the only argument that Ripple has been using from way back that SEC did mention XRP as the digital currency, but now it is firm on its statement, which entails that XRP is a security rather than being a digital currency.
New Turns in XRP Lawsuit Based on Old Narratives
The only thing that is now hot around this topic is why this contradiction exists and the turnaround that can be taken in a court of law. Would XRP finally come out victorious by the American legal system, and SEC will fall at their own game or what? The final outcome can’t just be predicted, but this is something huge for sure.
These new claims that have come to light have sent ripples all across the crypto market, and it can’t be speculated just yet if it is the end of a lawsuit fabricated by the SEC on Ripple or a new turn into this whole crypto lawsuit mess. The case was prepared back in the day by SEC on Ripple, stating that it is not a digital currency but security that has not registered itself as one. But given the new evidence that has come to light, it is possible that SEC would have to let go of their claims and accept Ripple as what it is, which is being a digital asset.