John Deaton, founder of CryptoLaw, recently took to Twitter to share an interesting fact about XRP purchasers. He well-versed in crypto technology and offered the statement that the majority of people acquiring the popular cryptocurrency were unaware of the company Ripple at the time. This revelation speaks to the widespread belief that since cryptocurrency is decentralized, it's reasonable for someone to buy a digital asset without having a contract with anyone.

This sentiment has been echoed in a recent series of tweets by Jeremy Hogan, an attorney with Hogan and Hogan. Hogan claims that the battle between the SEC and Ripple will turn in Ripple's favor should the judge or her law clerk be knowledgeable about cryptocurrency technology. He goes on to state that XRP falls outside of the legal definition of a security due to its lack of an explicit or inferred investment contract with Ripple. By this definition, XRP cannot be categorized in the same boat as other securities, similar to purchasing an ounce of gold without the need for Ripple to partake in any action other than transferring said asset.

The SEC has recently submitted additional statements of support for their pending motion for Summary Judgment. This is expected to be a lengthy process as the two parties battle it out for the dominance of legality when it comes to XRP's status. For now, it's safe to say that XRP can still be acquired freely which stands as a testament to the fact that the cryptocurrency still stands outside the boundaries of traditional regulatory entities.



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