The legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) has been heating up recently as both sides await a critical court ruling. Ripple CEO Brad Garlinghouse recently made a bold statement, stating that he expects a decision from the court “in weeks, not months.”
However, another prominent figure, pro-XRP lawyer Jeremy Hogan, has predicted the case’s outcome. Hogan claims that the judge in the Ripple case has been making major rulings about every 9 weeks, with the final major ruling on summary judgment expected in mid-July.
Hogan clarified that this is not a prediction but rather a pattern that has emerged in the case, , it does suggest that the case’s outcome may be decided in the coming weeks.
Ripple Case Nears Climax
If Hogan’s analysis is correct, it could provide some insight into the timeline for the final judgment in the case. However, it is important to note that the judge’s decisions will ultimately be based on the case’s merits and not on any predetermined timeline or pattern.
Regardless of the timing of the final ruling, the outcome of the Ripple case against the SEC will be closely watched by the cryptocurrency industry and could have significant implications for the regulatory landscape.
Hinman Speech Documents Could Provide Evidence Against SEC’s Allegations
In the ongoing legal battle between Ripple Labs and the Securities and Exchange Commission (SEC), a recent ruling by Judge Sarah Netburn has granted Ripple access to documents related to a speech given by former SEC official William Hinman.
According to John Deaton, founder of Crypto Law, the SEC had initially argued that the speech was not guidance to the market, despite statements from senior SEC officials at the time suggesting otherwise. The SEC then sought to have Hinman sign an affidavit stating that the speech was only his opinion and not guidance to undermine Ripple’s lack of fair notice defense.
However, Judge Netburn ruled that the speech was discoverable and not covered by the deliberative process privilege, despite the SEC’s arguments to the contrary. The judge also called out the SEC lawyers for their “hypocrisy” and lack of allegiance to the law.
The SEC then attempted to argue that attorney-client privilege protected the documents, claiming that Hinman was seeking legal advice from his colleagues when he gave the speech. However, Judge Netburn again ruled against the SEC, stating that the speech reflected the views of the Division of Corporation Finance and that multiple divisions of the SEC had provided input on the speech.
Deaton argues that the SEC’s “inconsistent and hypocritical” positions have led to the ruling allowing Ripple access to the Hinman speech documents. He suggests that the documents might not have been ruled discoverable if the SEC had been more truthful in its arguments.
As the case unfolds, legal experts and cryptocurrency enthusiasts will likely closely scrutinize the Hinman speech documents. The ruling granting access to these documents could be a turning point in the case and could provide Ripple with the evidence it needs to mount a successful defense against the SEC’s allegations.
Featured image from Unsplash, chart from TradingView.com