Jeremy Hogan claimed that the SEC controversy with $1.2 billion worth of unregistered XRP tokens sold by Ripple may be solved before the end of November.
Ripple is a Fintech company, which is headquartered in San Francisco. Ripple operates its own centralized XRP ledger blockchain and the XRP token is the native token of the blockchain. In December 2020, the US Securities and Exchange Commission (SEC) initiated a lawsuit against the Ripple company. Through the lawsuit, the SEC agency claimed that Ripple’s firm sold more than $1.2 billion worth of XRP token, and also XRP token is unregistered security.
On 5 September, A popular XRP proponent and US legal counsel, Attorney Jeremy Hogan, took to Twitter to explain the current situation of the Ripple vs SEC legal fight.
Hogan said that allegations from the SEC agency that Ripple’s XRP token is unregistered Security may be resolved soon in the incoming months.
According to this legal expert, this situation reached a logical state & it may force both parties to settle this matter.
“(The) most likely settlement timeframe is from now until the end of November, because the cards will be on the table.”
Hogan said that it was not possible for the Ripple team to know the exact nature of XRP token before 2012 and also if the SEC agency didn’t clarify its knowledge on the nature of XRP token before 2020 XRP lawsuit then how is this possible that activities done by Ripple company with XRP were a violation of Securities law.
Earlier this, on 3 September, Hogan said that if the SEC agency is protecting the crypto Investors then why is the agency not talking about the nature of the top 20 cryptocurrencies?
According to Hogan, if the SEC cares about the safety of the investors then it should provide clarity on the nature of digital assets, which will allow crypto companies to work perfectly & confidently.