Attorney Jeremy Hogan, a crypto legal expert that has been supporting Ripple in the XRP lawsuit since it was filed in December 2020, has recently predicted that the United States Securities and Exchange Commission (SEC) may not appeal the verdict for the release of the drafts of William Hinman’s speech of 2018 to Ripple, which has been the bone of contention for a couple of months.
In a series of tweets on October 14, Hogan told his teeming followers on Twitter that he is tweeting because he saw some confusion. He pointed out that Judge Analisa Torres overruled the SEC’s objections to turning over the Hinman emails on September 29, but did not say when they must be turned over.
According to the crypto legal expert, the deadline could be when an appeal of the Judge’s ruling is due. He said the court is being considerate because once the documents are turned over, they cannot be undone, making the deadline basically 60 days. However, he said the deadline might be longer if they move for reconsideration.
It can be recalled that the evidence in question includes internal emails written by Hinman, which are largely related to a speech he made in 2018 where he stated that Ethereum (ETH) wasn’t a security.
Hogan continued by stating that if the SEC appeals the ruling over Hinman documents, it could further delay the legal process and he does not think the regulator can win on appeal in the long run.
Jeremy Hogan noted:
“IF the SEC appeals the ruling, it will take a long time to figure out – months. I personally don’t think the SEC will appeal because it risks adverse BINDING case authority by doing so. Bad facts = bad law. And these are bad facts. But others have different opinions on that.
“BUT, keep in mind, what is in those emails is NOT relevant to the Sec 5 violation (whether XRP is a security). It’s probably only really relevant to the Fair Notice Defense. Also, remember that only the SEC moved for summary judgment on the Fair Notice Defense, Ripple did not.
“Therefore, I believe that Ripple will object to a ruling 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 Section 5 violation issue will continue forward and be fully briefed by Nov. 15.”
In conclusion, Hogan said, “NO MATTER WHAT happens on the Hinman email issue, no matter the delay, the main issue will move forward to judgment. If Ripple wins on the Sec 5 violation, the FND becomes moot. IF Ripple loses on Sec 5, it can still move for summary judgment on the Fair Notice Defense.”
When the XRP-friendly lawyer was asked if there is a chance for settlement before November 15, he said, “A settlement could happen any time up until she rules but I think it’s more likely before Nov.15. And she COULD rule on current and future sales only but I’d be really surprised because then the early sales would have to go to trial.”
A settlement could happen any time up until she rules but I think it's more likely before Nov.15.
And she COULD rule on current and future sales only but I'd be really surprised because then the early sales would have to go to trial.
— Jeremy Hogan (@attorneyjeremy1) October 14, 2022
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