Hogan & Hogan Lawyer: SEC Should Explain Why Earlier Call XRP Digital Currency

This point will be discussed at the hearings, which will be held today in a teleconference format.

Jeremy Hogan, partner at the law firm Hogan & Hogan, believes that the US Securities and Exchange Commission (SEC) should explain why in 2016 it used the phrase “digital currency company” for Ripple, and now calls it “ digital security company. 

  • The lawyer drew attention to a document dated September 2016, in which the SEC writes that Ripple is a “digital currency company”. The regulator, in fact, agrees with the position of the Financial Crimes Agency (FinCEN), which recognized the XRP token as a digital currency back in 2015.

Excerpt from a document that Hogan drew attention to

  • According to Hogan, this point will be discussed at a teleconference that the SEC and Ripple will hold today at 21:00 Moscow time. The parties will also consider documents in which the Commission explains why it considers bitcoin and Ethereum to be cryptocurrencies and not securities.
  • Earlier, Ripple’s lawyers also drew attention to the fact that FinCEN and the US Department of Justice have repeatedly stated that the XRP token is a digital currency. 
  • Over the past day, XRP has risen in price by more than 30%. At the moment, its value exceeded the $ 1 mark, updating its three-year price high. Then there was a slight correction in the market – XRP is now trading at $ 0.95.

XRP token rate. Source: CoinMarketCap

Recall that the SEC accuses Ripple of an unregistered sale of securities under the guise of XRP tokens worth $ 1.3 billion. Later, the regulator clarified that exchanges and other sites do not violate the rules by selling tokens. 

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