Ripple’s XRP is not a security, said lawyer Jeremy Hogan in a series of tweets posted on April 9.
The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives in December 2020, alleging that they had sold $1.3 billion worth of XRP as an unregistered security.
Ripple has consistently argued that XRP is not a security and as the lawsuit continues, Hogan took to Twitter to express his views and detail why he opposes the SEC’s claims on Ripple.
The SEC has accused Ripple of selling XRP tokens as an “unregulated security”. However, Hogan argued that XRP does not fall into categories such as stock or bond and therefore cannot be viewed as a security.
Even the SEC has “failed to argue that there was an implied or explicit contract of investment in its lawsuit against the Ripple company,” said Hogan.
XRP has seen a 10-month high amid the lawsuit, up by more than 30% in the last 30 days. However, XRP has since seen a retracement and is currently trading at $0.50, down nearly 4% in the past week.