XRP Lawsuit: What Could Be SEC’s Next Move If It Loses Summary Judgment? Attorney Suggests
The ruling over the Summary Judgment in the crucial U.S. Securities and Exchange Commission (SEC) Vs Ripple Lawsuit. However, an attorney linked to the XRP lawsuit has laid out suggestions over what could be the next legal move that the SEC can exercise.
SEC to put another delay in XRP lawsuit?
As per the reports, SEC, Ripple, and Defendants in the XRP lawsuit have submitted their final briefs to the District Court asking the judge to produce a ruling in their favor.
Attorney Jeremy Hogan suggested that the SEC could move for reconsideration of the Summary Judgment before appealing it. However, he is uncertain that the commission would appeal a loss as its looks too dangerous.
Hogan highlighted that if the SEC loses on appeal it will project a controlling case authority. As expected this move can lead the commission to lose all cases in the 2nd circuit. Attorney hints that the SEC would risk that.
Is SEC willing to take a loss?
Hogan added that it will be better for the watchdog to take a loss in the XRP lawsuit and then it can move on to focus on the fraud and illicit activities in the market. Attorney mentioned that the judge hates the reconsideration.
However, the commission has already taken a move for reconsideration in the XRP lawsuit and if it does this again then it will bring nothing new to the table.
The attorney further suggested that if Ripple can win on Section 5 at summary judgment would truly end the case. However, this can open the path to relisting the XRP on crypto exchanges.
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