Gene Hoffman, chief operating officer at blockchain company Chia Network, believes Ripple will lose against the Securities and Exchange Commission (SEC).

Hoffman made the prediction in a tweet, noting an excerpt from the SEC’s summary judgment filing where the regulator argued that its former director of corporate finance, Bill Hinman, told Ripple executives back in 2019 that in his opinion, XRP was a security.

Hoffman says the federal judges are also sceptical enough to know that most people bought XRP, hoping the numbers would go up. Based on this, he maintained that the only outcome from the case is that a judge will rule that Ripple’s sales of XRP made XRP a security and XRP proponents’ argument that the token has utility will not fly.