Legal analyst Jeremy Hogan recently explored the scenario, particularly the proposed $125 million fine, and questioned the implications of a smaller settlement. He noted that if Ripple were to settle for less, it could challenge the court\u2019s prior judgment and create complications for the SEC.<\/p>\n
James Murphy, another legal expert, pointed out that Ripple may have leverage, especially in light of an ongoing appeal questioning whether Ripple\u2019s sales of XRP<\/a> <\/strong>to institutional investors qualify as \u201cinvestment contracts\u201d under securities laws.<\/p>\n Murphy drew parallels to the 1946 Howey case, where the sale of oranges to wholesalers was deemed a commodity transaction rather than an investment. He believes Ripple could use this argument to push for a lower fine, especially since the court did not address it in its initial ruling.<\/p>\n
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