"It seems that when the XRP case is about to be finished, I'm tired of waiting."
The Securities and Exchange Commission (SEC) of the United States (US) has so far not been able to prove that the Ripple (XRP) cryptocurrency is a security, said a digital asset law expert.
In addition to him, lawyer and XRP supporter Jeremy Hogan has presented his reasons for believing that the SEC has failed to prove the digital asset as a security to his 263,300 followers on Twitter.
Hogan said the SEC sued XRP in late 2020 for selling the digital asset as an unregistered security, but in 2023 the regulator still couldn't come up with a solid statement.
In the case of the XRP lawsuit, the SEC failed to argue that there was an implicit or explicit investment contract but instead consistently stated the purchase agreement as evidence.
Commenting again from Hogan, XRP should not be required to perform an investment contract except for transferring assets, but an investment such as buying an ounce of gold absolutely needs to have such a contract.
In addition, the existence of securities laws is not to prevent investors from making bad decisions but rather requires companies to make certain disclosures about contracts entered into by buyers.
It should be noted that the issue is not about XRP using the money from the sale of the digital asset to finance its business, the issue is whether the SEC has proven if there is an implicit or explicit contract between the buyer of XRP and Ripple Labs regarding its investment.
