Judge Netburn on Ripple vs. SEC: Ripple has a Currency Value

Jeremy Hogan, a partner at Hogan & Hogan law firm, recently noted that new comments from a magistrate judge in the United States District Court for the Southern District of New York were in favor of Ripple Labs in its ongoing case with the US Securities and Exchange Commission (SEC).

According to a transcript of a YouTube video posted by Hogan, Magistrate Judge Sarah Netburn noted that XRP had “a currency value,” opposing claims by the SEC that Ripple (XRP) was a security.

Hogan quoted Netburn saying:

“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from Bitcoin and Ether.“

He added that:

“First, no matter what the SEC might try to argue, a currency and a security are by definition inapposite. A currency can be used to procure things of value. A security is an ownership interest in a common enterprise – they are two different things.”

Meanwhile, Hogan recounted that “about halfway through the hearing,” Judge Netburn argued with the SEC attorney that according to his theory, everyone who sold XRP was selling illegal security. However, the attorney refuted this assertion, noting that under section 4 of the securities law, only Ripple and its affiliates could have sold XRP illegally.

Hogan noted that this clarification is significant because it means exchanges that delisted XRP could get approval from the SEC to list XRP again.

Key XRP Levels to Watch — March 24
Ripple appears to be on a steady upward trending momentum, as the cryptocurrency touched the $0.6000 psychological resistance for the first time since late February. That said, XRP is currently in a rebound from a mild correction from the $0.6 level.

We expect to see a bullish continuation in XRP over the coming hours and days to the $0.6 and level higher. However, failure to clear the $0.5700 resistance over the coming hours could send the cryptocurrency into a range-bound momentum with the $0.5400 support.

Meanwhile, our resistance levels are at $0.5700, $0.5850, and $0.6000, and our support levels are at $0.5500, $0.5400, and $0.5250.

Total Market Capitalization: $1.75 trillion

Ripple Market Capitalization: $25.2 billion

Ripple Dominance: 1.44%

 

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