Ripple vs. SEC: Crypto Attorney Clarifies Judge Torres Recent Comments On Hinman Emails
Ripple lawyer Jeremey Hogan has taken to Twitter to explain the overruling of the Securities Exchange Commission’s (SEC) objection to turning in the famed Hinman’s emails for the ongoing case. A wave of optimism hit the XRP community on 29th September when the presiding Judge of the SEC-Ripple case ruled that the emails of the former SEC Division Director William Hinman must be handed over.
However, the SEC has vehemently opposed this move in the past. Nevertheless, a couple of things remain unclear. In a series of tweets, Hogan breaks down the court’s ruling. The first is the deadline issue, as no date was noted in the judgment. He stated that it is doubtful that the SEC would appeal the court’s decision.
According to Hogan, the commission might not appeal because of the nature of the case. The emails in question contain comments by Hinman, where he opined in 2018 that Bitcoin (BTC) and Ethereum (ETH) are not securities.
For this reason, the deadline for the handover may be when an appeal of the Judge’s ruling is due, which is around 60 days barring reconsideration. Hogan also notes that the court is lenient because of the irreversibility of the move once it is carried out. If, for any reason, the SEC appeals, according to the attorney, the case will continue for months.
Hinman’s Emails And Relevance To The Case
Another thing Hogan clears up is the misconception that the emails are relevant to a Section 5 violation which touches on whether XRP is a security. He explains that they are not and they will most likely only be “relevant to the Fair Notice Defense” (FND). That complicates things a bit because, according to Hogan, Ripple did not move for summary judgment on the FND; it was just the SEC that moved for it.
Hogan believes that Ripple’s lawyers will object to a ruling on the FND issue because the facts are not complete. If Ripple triumphs on the section 5 violation, the Fair notice becomes moot. For the SEC, if the commission appeals the email order, the Section 5 violation issue will still be heard and fully briefed by 15th November. The results of the email issue will not hinder the main judgment from being heard.
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