A legal expert who is closely following the U.S. Securities and Exchange Commission’s (SEC) crypto case against Ripple says the outcome of the lawsuit could impact “the entire space for years to come.”
Attorney Jeremy Hogan, an XRP proponent, tells his 226,500 Twitter followers that it’s a “huge week” in crypto law for two reasons.
[adinserter block="1"]“The Ripple summary judgment briefs will be filed today (although we won’t see them until Monday) and a decision in the LBRY case is expected this week.
These two things will affect the entire space for years to come.”
Crypto attorney James K. Filan notes that both the SEC and Ripple have filed their motions for summary judgment. Filan says both parties will file public, redacted versions of their briefs in support of their motions for summary judgment on Monday.
The SEC sued Ripple in December of 2020, accusing the payments firm of selling XRP as an unregistered security.
In 2021, the regulator also filed a complaint against decentralized video-hosting platform LBRY (LBRY), claiming the project sold LBRY Credits as unregistered securities.
Hogan says if the SEC wins its case against LBRY, it’s “not a good thing” for Ripple’s chances of victory.
It's not a good thing – that's for sure.
— Jeremy Hogan (@attorneyjeremy1) September 13, 2022
XRP is priced at $0.340424 at time of writing.
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