The ongoing legal battle between Ripple and the SEC has captured the attention of the entire cryptocurrency industry. Excitement and anticipation continue to mount as the highly awaited release of the Hinman Speech-linked documents and emails draws nearer.
In a recent development, a lawyer supporting XRP has introduced new documents that provide evidence supporting the argument that XRP is not a security. These filings could potentially be used by Ripple to strengthen its case in the XRP lawsuit.
Insights from Slack v. Pirani Case and Its Implications for Ripple’s XRP
Attorney Jeremy Hogan recently brought attention to a court filing from the Slack Technologies v. Pirani case, which is currently being considered by the U.S. Supreme Court. In this case, Slack puts forth the argument that the term “such security” pertains specifically to a security that is issued in accordance with a potentially deceptive registration statement. On the other hand, Pirani asserts that the term could encompass security that is not registered under a potentially misleading registration statement.
If the token was sold as an investment contract, Hogan said that this situation is comparable to that of Ripple’s XRP on the secondary market. In addition, he clarified that XRP loses its position as a “security” once the terms of the initial “contract” have passed.
This U.S. Supreme Court case just came out last week. Slack v. Pirani
The case is analogous to XRP in the secondary market if/where the XRP was sold as an "investment contract."
XRP doesn't magically maintain status as a "security" outside the context of the initial "contract." pic.twitter.com/XfHiFoATDs
— Jeremy Hogan (@attorneyjeremy1) June 5, 2023
According to court documents, a plaintiff must demonstrate that they purchased securities that were registered under a materially false registration statement in order to succeed under Section 11 of the 1993 Act. The Slack v. Pirani case may, if necessary, be included in Ripple’s brief on damages, according to a pro-XRP attorney.
Ripple Vs XRP Lawsuit In Final Stage
The XRP lawsuit is still awaiting a summary judgment, but recent court rulings have favored the defendants. The growing excitement within the XRP community is evident in the significant increase in the XRP price.
Over the past 7 days, the price of XRP has risen by 11%. As of now, it is trading at an average price of $0.53. Notably, its 24-hour trading volume has surged by 135%, reaching $1.3 billion.
