Leading Lawyer Warns Of Consequences For Ripple In SEC Lawsuit
18 Maggio 2023 - 3:00PM
NEWSBTC
A partner at Hogan & Hogan, Attorney Jeremy Hogan, has weighed
in on talks about the Ripple lawsuit. The pro-XRP lawyer said
Ripple would get an unfavorable outcome if Judge Torres moved the
Fair Notice Defence (FND) issue to trial. According to Hogan, there
would be an FND trial only if Ripple loses its case to the
Securities and Exchanges Commission (SEC) under the Section 5
violation. Hogan’s Opinion On The Fair Notice Defence Trial Hogan
has supportively followed up on the Ripple vs. SEC lawsuit. In
recent discussions, he noted that Judge Analisa Torres’ remark
about the Hinman speech drafts suggests she has yet to rule on the
FND issue. Related Reading: Conflux Network Partners With
China Telecom For Blockchain, SIM Project – Details During the
latest hearing on the Ripple vs. SEC lawsuit on Tuesday, May 16,
Judge Torres stated her decision on both parties’ request to seal
summary judgment motion-related documents. However, for the
XRP community, the most remarkable part of the judge’s order was
the court’s denial of the SEC’s request to seal the 2018 Hinman
speech drafts. While delivering her decision, Judge Torres said:
“Whether the court relies on the Hinman documents in ruling on the
summary judgment motions, they are judicial documents subject to
the presumption of public access.” While commenting on the judge’s
decision, Hogan noted that the first remarks suggest that she only
denied the SEC’s motion to seal the Hinman documents or has not
addressed the fair notice defense issue. The Controversial Fair
Notice Defence Issue Part of Ripple’s defense in the ongoing
lawsuit is that the SEC failed to issue a fair notice before suing
it for securities law violation. In a previous hearing on April 11,
the SEC filed a document supporting its motion for summary judgment
against Ripple, citing its recent victory against Commonwealth
Equity Services. Notably, the court deemed that a
long-running precedent provides sufficient fair notice in the
Commonwealth Equity vs. SEC case. Bringing it to the Ripple
case, the SEC argued that the longstanding court precedent, which
gave rise to the Howey test, gives Ripple a fair notice of what
security is. Related Reading: Will Dogecoin (DOGE) Break Free
From Limbo? Market Awaits Bullish Catalyst The regulator further
stated that its litigation with Commonwealth is an additional
authority for Rejecting Ripple’s Fair notice defense. Prominent XRP
Influencer Worries Over Possible Negative Ruling for Ripple The
latest remark by Judge Torres troubled the XRP community, including
prominent XRP influencer Blockchain Backer, as to whether the court
has ruled on the fair notice defense. Therefore, in a May 17 tweet,
Blockchain Backer called Jeremy Hogan’s attention to the portion of
Judge Torress’ remark that appears to weaken Ripple’s stance on the
case. Related Reading: Conflux Network Partners With China
Telecom For Blockchain, SIM Project – Details He attached a part of
the ruling where the judge denied Ripple’s motion to seal its
revenue with XRP sales, compensation paid to crypto exchanges to
list XRP, etc. Following the influencer’s conversation with other
XRP fans, he concluded the ruling suggests an unfavorable outcome
for Ripple. But while responding to Backer’s inquiry, Attorney
Hogan said he does not think the order will affect the summary
judgment. Featured image from Pixabay and chart from
Tradingview.com
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