Crypto Lawyer Anticipates Next Move in Ripple and XRP Litigation After SEC Evidence Setback

Crypto Lawyer Anticipates Next Move in Ripple and XRP Litigation After SEC Evidence Setback

Crypto legal expert Jeremy Hogan predicts that the US Securities and Exchange Commission (SEC) will not appeal a judge’s decision ordering the securities regulator to release controversial evidence in a lawsuit against blockchain-based payments company Ripple Labs.

Hogan, supporter of ripple, Tells His 232,400 followers on Twitter reported that on September 29, US District Judge Annalisa Torres overturned the SEC’s objections to the delivery of emails sent by William Henman – the former director of SEC Corporation’s finance department.

However, the XRP-friendly lawyer highlights that Judge Torres did not specifically specify when the SEC should turn over the evidence. In this case, Hogan says the Securities and Exchange Commission has two or more months to comply.

“The deadline becomes when it is time to appeal the judge’s ruling. The court is so lenient because once the documents are delivered, they cannot be “undone.”

So, that deadline is, basically, 60 days – maybe longer if they apply for reconsideration which I doubt they will.”

The evidence in question includes internal emails written by Hinman and largely related to a speech he gave in 2018 where he stated that Ethereum (ETH) was not a security.

Hogan Says If the Securities and Exchange Commission appeals the ruling on Hinman’s documents, it could lead to lengthy legal proceedings and he does not believe the regulator has a good chance of winning the appeal.

If the SEC appeals the ruling, it will take a long time to find out – months. Personally, I don’t think the Securities and Exchange Commission will appeal because it risks the power of the adverse binding case by doing so. Bad facts = bad law. These are bad facts. But others have different opinions about that.”

Hogan says that even if the SEC does appeal, he expects the case to come forward over whether Ripple has violated security laws (section 5). Ripple argues that XRP is not a guarantee and also that they have not been notified by the Securities and Exchange Commission (SEC) that it violates any security laws.

Hogan says the Hinman documents have only bearing on the FND defense case.

“I believe Ripple will object to a ruling in the Fair Notice Defense case because the discovery was not completed. That objection wins. Therefore, even if the SEC appeals the email order, the Section 5 violation will continue to progress and will be fully reported by 15 November.

No matter what happens in Hinman’s email case, no matter the delay, the main case will go to judgment. If Ripple wins in violation of Sec 5, FND becomes moot. If Ripple loses Section 5, it can still apply for an expedited judgment on the fair notice defense.”

The Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in late 2020 claiming that it issued XRP as an unregistered security tool.

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