Pro-XRP Lawyer Says Judge Torres Had Previously Ruled Against SEC

Attorney Jeremy Hogan says Judge Torres previously ruled against the SEC on an issue, and the Appellate Court upheld the decision.

As XRP community members continue to anticipate the final verdict of the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, attorney Jeremy Hogan, a pro-crypto lawyer and partner of Hogan & Hogan, has shared an interesting update about the case. 

SEC v. Rio Tinto

In a tweet today, attorney Hogan revealed that Judge Analisa Torres had previously ruled in a case involving the U.S. SEC and leading global mining group Rio Tinto. According to the pro-crypto lawyer, Judge Torres ruled against the Securities and Exchange Commission on a pertinent issue.

I was just reminded of a case in which Judge Torres ruled against the SEC on a key issue, the SEC appealed, and the appellate court upheld Judge Torres.

SEC v. Rio Tinto.

Just don’t ask how long the whole process took. pic.twitter.com/4EPoU4mnhx

— Jeremy Hogan (@attorneyjeremy1) May 3, 2023

The Securities and Exchange Commission appealed Judge Torres’ ruling on the issue, hoping to get a different outcome. However, attorney Hogan said the appellate court upheld Judge Torres’ decision on the matter.

He attached a page from Morrison Foerster’s 2022 article, where the case was cited. According to the report, Judge Torres ruled that scheme liability does not exist when alleged misrepresentation or omissions are the sole basis of such claims

“In Rio Tinto, Judge Torres found, all of the alleged ‘actions’ and ‘conduct’ forming the basis for scheme liability were misstatements or omissions, so no scheme liability claims could proceed,” an excerpt of the article read. 

Furthermore, the SEC asked Judge Torres to reconsider her ruling in light of the Supreme Court’s 2019 decision on its case against Lorenzo. However, Judge Torres refused, explaining that “while Lorenzo made clear that the ‘dissemination’ of false information provides a basis for scheme liability, it should not be read to mean that misstatements without more are sufficient to trigger liability.”

XRP Enthusiasts React

XRP enthusiasts seemed excited that Judge Torres had previously ruled against the SEC. Some XRP community members hope she also rules against the securities regulator in the Ripple lawsuit.

I love the fact that she has a) had the SEC in her court before and b) ruled against them. We don’t want this to be her first rodeo…

— diehardcubfan (@diehardcubfan3) May 3, 2023

Meanwhile, some XRP community members asked pertinent questions about the ongoing SEC v. Ripple lawsuit. An XRP community member asked whether Coinbase will immediately relist XRP if Judge Torres rules in Ripple’s favor and the SEC appeals the decision. 

Attorney Hogan said Ripple would move forward with its business if Judge Torres grants summary judgment in its favor. However, he could not tell whether Coinbase will relist XRP because the exchange has “not been very consistent” recently. 

Furthermore, attorney Hogan asserted that the SEC would not appeal Judge Torres’ decision if Ripple gets an outright win. 

I don’t think so, and I know two other lawyers familiar with the case don’t think so…

— Jeremy Hogan (@attorneyjeremy1) May 3, 2023