Jeremy Hogan, a prominent civil law attorney, has criticized Better Markets' amicus brief supporting the SEC in the lawsuit against Ripple. Hogan argues that Better Markets misinterpreted the trial judge's ruling, which stated that XRP sales on exchanges were not securities sales because buyers did not purchase directly from Ripple. Hogan explains that the trial judge ruled that Ripple's programmatic sales were blind bid and ask transactions, and buyers could not know if their payments went to Ripple or another seller. He claims that Better Markets' argument could expose the crypto community to extensive risks if upheld. Better Markets filed the amicus brief to support the SEC's claim that Ripple's sales of XRP fulfilled the third prong of the Howey Test.



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