Attorney Jeremy Hogan referred to Ripple’s (XRP) securities lawsuit, citing the outcome of the Pirani case with Slack.
The lawsuit between Ripple and the SEC is in full swing. This lawsuit has preoccupied the crypto industry for years. In particular, Ripple’s acquisitions in the securities lawsuit also increased the estimates for the outcome of the lawsuit. In the midst of all these processes, attorney Jeremy Hogan, partner of the Hogan & Hogan law firm, shared the file of the precedent case.
Can XRP Litigation Exit Securities?
Jeremy Hogan, one of the partners of the Hogan & Hogan law firm, made statements regarding the Ripple (XRP) case.
Hogan explained that the litigation between Slack and Pirani has been settled, and that XRP, in this case example, does not retain the status of a security outside the context of the initial contract.
The document shared by Hogan includes the Supreme Court case between Pirani and Slack. According to Hogan, this lawsuit is similar to allegations that Ripple is selling XRP as security. Summing up the matter, Hogan said, “XRP does not magically retain its security status outside of the context of the initial contract.” said.
Pirani claimed that Slack’s registration statement was misleading under Section 11 of the Securities Act of 1933. In this legal process, Pirani argued that the liability covers only the shares that are traced to a registration that is claimed to be defective.
Hogan stated that Ripple should use this case in its summary presentation on compensation. Also, Hogan said the judge can handle secondary sales as well.
Although the lawyer appears hopeful about the Ripple case, the XRP community continues to act cautiously. Many investors question whether this is a big deal.
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