Ripple's XRP Not a Security, Says Lawyer Jeremy Hogan

Jeremy Hogan, a partner at the law firm Hogan & Hogan, argues that Ripple's XRP does not fit the definition of an "investment contract" and therefore is not a security according to U.S. securities laws. Hogan believes that the U.S. Securities and Exchange Commission (SEC) has failed to demonstrate an implied or explicit investment contract in its lawsuit against Ripple. Ripple has long disputed the SEC's claim that XRP is an unregistered security. Hogan argues that a contract of some sort is required for an investment contract, and he claims there was no such contract between Ripple and XRP purchasers.