thenewscrypto.com
- A prominent crypto lawyer shares his thoughts on the Ripple vs. SEC case.
- Jesse Hynes stated that the SEC could go behind Ripple’s early $XRP sales.
- He also stressed that he doesn’t see the SEC determining $XRP as a security.
Crypto lawyer Jesse Hynes has expressed the belief that the resolution of the Ripple-SEC lawsuit may be nearing.
Hynes shares his perspective on the potential outcome of the lawsuit and makes a prediction that early $XRP sales will be deemed to have violated securities laws, which may come as a surprise to some.
As we get closer to the resolution of the Ripple case, I’m going to throw down my originally thoughts from years ago so people can tell me how unreasonably wrong I am when the case is decided. Let me know your thoughts:
— Jesse Hynes 🌱 (@jesse_hynes) May 22, 2023
SEC to likely go behind Ripple’s early $XRP sales
Hynes further suggests that if the court determines that an investment contract is established when anything is sold for fundraising, it could set a precedent for the SEC to pursue legal action against numerous other crypto businesses.
Regarding Ripple, Hynes believes that the court will likely conclude that the company is presently operating within the boundaries of securities laws with its current sales practices. However, he expresses concern about whether the court will address the classification of $XRP as a security in itself, as well as how it will handle the early sales if they are deemed securities.
Nevertheless, Hynes expresses worry that the court may choose not to make a ruling on these matters. Hynes highlights that the SEC has been assertively emphasizing this matter in its recent statements, which could potentially influence the court’s decision-making process. In Hynes’ perspective, the only reasonable conclusion would be that $XRP cannot be considered an investment contract if the court provides a definitive ruling on the future status of $XRP.