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 as of now struggles without a comprehensive regulatory framework for the sector.
As anticipation runs high, there have been plenty of predictions on what to expect. Nonetheless, here’s one that’s sure to interest you: XRP Ripple (XRP) enthusiast and attorney Jeremy Hogan has revealed his expectations regarding the summary judgment ruling in the Ripple-SEC lawsuit.
Jeremy Hogan, a partner at the law company Hogan & Hogan and an XRP Ripple (XRP) enthusiast, recently shared his expectations regarding the summary judgment ruling in a tweet. As a result to a Twitter user’s query about whether Judge Torres could cause a summary judgment decision before the release of redacted documents, Hogan indicated that the judge is not required to wait for the documents but it is more likely that she can potentially choose to do so. He further mentioned that he would not hold his breath until after June 13.
Judge Torres Denies SEC’s Motion To Seal Hinman Documents
On May 16, Judge Torres made a whole lot of ruling by rejecting the SEC’s request to seal the Hinman documents. This implies that the court plans to make these documents available to the public. Ever since, the countdown has begun with June 6 in mind, as the anticipated date for the public release of these much-discussed documents.
Recently, both Ripple and the SEC filed a joint letter together, asking for an extension of one week. This 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.
XRP Ripple (XRP) Does Not Satisfy Howey’s Test
In a noteworthy discovery, John Deaton, the founder of CryptoLaw, found some interesting information in the footnotes of Ripple’s Opposition and Reply Briefs. These footnotes made reference to internal emails within the SEC, suggesting that there are internal discussions acknowledging that XRP Ripple (XRP) may not meet all the criteria of the Howey Test, a legal test used to determine whether an investment is a security.
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 the past few Dubai Fintech Summit Garlinghouse shared his predictions for the resolution of the lawsuit. He expects the case to conclude within the 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.