Crypto Attorney predicts next move in Ripple and XRP lawsuits after SEC evidentiary setback
Crypto-legal expert Jeremy Hogan predicts that the US Securities and Exchange Commission (SEC) will not appeal the judge’s decision ordering the securities regulator to release disputed evidence in the lawsuit against blockchain-based payments company Ripple Labs.
Hogan, a Ripple supporter, says his 232,400 Twitter followers that on September 29, US District Court Judge Analisa Torres overruled the SEC’s objections to turning over emails sent by William Hinman – the former SEC Corporation’s director of finance.
However, the pro-XRP attorney points out that Judge Torres did not specifically say when the SEC would hand over the evidence. In this case, Hogan says the SEC has two months or more to comply.
– The deadline is when an appeal against the judge’s order must be appealed. The court is lenient like this because once the documents are handed over, it cannot be ‘undone’.
So that deadline is basically 60 days – maybe longer if they move for reconsideration, which I doubt they would.”
The evidence in question includes internal emails written by Hinman and largely related to a speech he gave in 2018 in which he stated that Ethereum (ETH) was not a security.
Hogan says If the SEC appeals the ruling over the Hinman documents, it could lead to a lengthy legal process, and he doesn’t think the regulator has a good chance of winning on appeal.
“IF the SEC appeals the ruling, it will take a long time to figure it out – months. I personally don’t think the SEC will appeal because it risks negative BINDING case authority by doing so. Bad facts = bad law. And these are bad facts. But others have different opinions about it.”
Hogan says that even if the SEC appeals, he expects the case to move forward on whether Ripple violated securities laws (Section 5). Ripple claims that XRP is not a security and also that they were not given fair notice by the SEC that it violated any securities laws.
Hogan says the Hinman documents are only relevant to the issue of the Fair Notice Defense (FND).
“I believe that Ripple will object to a decision on the Fair Notice Defense issue because discovery is not complete. It wins that objection. So even if the SEC appeals the email order, the § 5 violation issue will continue forward and be fully informed by the 15th.” November.
NO MATTER WHAT happens with the Hinman email case, regardless of the delay, the main case will proceed to verdict. If Ripple wins on the Sec 5 violation, FND becomes moot. IF Ripple loses on Section 5, it can still move for summary judgment on the Fair Notice Defense.”
The SEC sued Ripple in late 2020 over allegations that it issued XRP as an unregistered security.
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