He adds that the ongoing legal battle was targeted toward crypto technology — not Ripple specifically.
Deaton has often mentioned the fact that an underlying token itself is nothing more than software code, no matter how it is packaged, marketed, offered and sold. In recent tweets, Jeremy Hogan, an attorney at Hogan and Hogan, has highlighted the battle between the SEC and crypto. He thinks that Ripple will prevail in its SEC litigation if the judge who rules is familiar with cryptocurrency technology. He claims that because there is no single"owner" of the"network," cryptocurrency is decentralized, and it is therefore reasonable for someone to buy XRP as an investment without having a contract with anyone.
Hogan's basic claim is that the SEC has not made an argument that an inferred or explicit investment contract existed. There is no requirement for Ripple to perform any action other than the transfer of the asset; it is still merely an investment, similar to purchasing an ounce of gold, Hogan said. He continues by saying that as there was no such contract in the instance of Ripple, thus, XRP cannot be categorized as a security.
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Source: Cointelegraph - 🏆 562. / 51 Read more »