The cryptocurrency world is on edge as it anticipates the public release of the Hinman Speech linked documents and emails, which could have a significant impact on the ongoing XRP lawsuit. Amidst the suspense, an interesting development has emerged, providing a glimmer of hope for XRP supporters – new documents that suggest XRP may not be a security.
Jeremy Hogan, a pro-XRP attorney, drew attention to a court filing from the Slack Technologies v. Pirani case filed in the U.S. Supreme Court. In this lawsuit, Slack contends that the term “such security” pertains to a security issued under a misleading registration statement, while Pirani argues that it could encompass a security not registered under a misleading registration statement. Hogan believes there are similarities between this case and Ripple’s XRP in the secondary market if the token was sold as an investment contract.
An essential aspect mentioned by Hogan is that XRP does not maintain the status of being a “security” outside the initial “contract” conditions. According to the court filings, Section 11 of the 1993 Act necessitates a plaintiff to prove that they purchased securities registered under a materially deceptive registration statement. The pro-XRP lawyer believes the Slack vs. Pirani case could be incorporated in Ripple’s brief on damages, if needed.
On the one hand, this development could bolster Ripple’s position and offer a semblance of victory for the embattled company. Conversely, the district judge’s order might also cite the case when addressing secondary sales, opening up the possibility for further complications in the lawsuit.
As with most cryptocurrency cases, it’s essential for investors to conduct their due diligence before making any decisions, given the volatile and unpredictable nature of the market. The outcome of the XRP lawsuit has the potential to set a precedent for related cases in the future. A win for Ripple could significantly change the way digital assets are viewed concerning securities, while a loss could have a chilling effect on the industry. The excitement surrounding the Hinman Speech linked documents and emails exemplifies just how crucial this matter is to the cryptocurrency community.
With the XRP lawsuit’s progression and new developments unfolding, the implications for both the company and the broader market remain uncertain. This ongoing legal battle serves as a reminder that the road ahead for cryptocurrencies and their regulatory status is far from being definitively settled, and as such, investors must approach these situations with caution and discernment.
Source: Coingape
