The final ruling on the Ripple vs. SEC lawsuit is just around the corner, and it has the entire cryptocurrency industry on the edge of its seat. This lawsuit holds high significance as it is expected to provide regulatory clarity in the USA, which asย ofย now struggles without a comprehensive regulatory framework for the sector.
As anticipation runs high, there have been plentyย of predictions on what to expect. Nonetheless, hereโs one thatโs sure to interest you: XRPย Rippleย (XRP) enthusiast and attorney Jeremy Hogan has revealed his expectations regarding the summary judgment ruling in the Ripple-SEC lawsuit.ย
Jeremy Hogan, a partner at the law company Hogan & Hogan and an XRPย Rippleย (XRP) enthusiast, recently shared his expectations regarding the summary judgment ruling in a tweet. Asย aย result to a Twitter userโs query about whether Judge Torres could causeย a summary judgment decision before the release of redacted documents, Hogan indicatedย that the judge is not required to wait for the documents but it is more likely that she canย potentially choose to do so. He further mentioned that he would not hold his breath until after June 13.ย
Judge Torres Denies SECโs Motion To Seal Hinman Documentsย
On May 16, Judge Torres made a wholeย lotย of ruling by rejecting the SECโs request to seal the Hinman documents. Thisย implies that the court plansย to make these documents available to the public. Everย since, the countdown has begun with June 6 in mind, as the anticipated date for the public release of these much-discussed documents.ย
Recently, both Ripple and the SEC filed a joint letter together, asking for an extension of one week. Thisย implies that the deadline for filing public versions of the summary judgment motions, along with supporting exhibits, including the Hinman materials, has been pushed back to June 13, 2023.
XRPย Rippleย (XRP) Does Not Satisfy Howeyโs Testย
In a noteworthy discovery, John Deaton, the founder of CryptoLaw, found some interesting information in the footnotes of Rippleโs Opposition and Reply Briefs. These footnotes made reference to internal emails within the SEC, suggesting that there are internal discussions acknowledging that XRPย Rippleย (XRP) may not meet all the criteria of the Howey Test, a legal test used to determine whether an investment is a security.ย
Deaton expressed his eagerness to review the redacted documents, which he believes largely contain personal opinions. He highlighted the existence of 63 emails and 52 unique drafts of the Hinman Speech, indicating a substantial amount of revisions and input for what is purportedly a personal opinion.
Final Ruling On The Lawsuit
In theย pastย few Dubai Fintech Summit Garlinghouse shared his predictions for the resolution of the lawsuit. He expects the case to conclude within theย following two to 6 months. He acknowledged that the Judge may operate on her own timeline but remains optimistic that the ruling will be made before the end of Q3 2023.
