The final ruling on the Ripple vs. SEC lawsuit is just around the corner, and it has the entire crypto industry on the edge of its seat. This lawsuit holds high significance as it is expected to provide regulatory clarity in the USA, which currently struggles without a comprehensive regulatory framework for the sector.
As anticipation runs high, there have been several predictions on what to expect. However, here’s one that’s sure to interest you: XRP enthusiast and attorney Jeremy Hogan has revealed his expectations regarding the summary judgment ruling in the Ripple-SEC lawsuit.
Jeremy Hogan Shares Insights on Summary Judgment
Jeremy Hogan, a partner at the law firm Hogan & Hogan and an XRP enthusiast, recently shared his expectations regarding the summary judgment ruling in a tweet. In response to a Twitter user’s query about whether Judge Torres could make a summary judgment decision before the release of redacted documents, Hogan stated that the judge is not required to wait for the documents but it is more likely that she might 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 significant ruling by rejecting the SEC’s request to seal the Hinman documents. This means that the court intends to make these documents available to the public. Since then, 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 means 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 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 may not meet all the criteria of the Howey Test, a legal test used to determine whether an asset 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 recent Dubai Fintech Summit Garlinghouse shared his predictions for the resolution of the lawsuit. He expects the case to conclude within the next two to six 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.
