The ongoing legal case between Ripple (XRP) and the Securities Exchange Commission (SEC) continues to take new twists and turns as both parties await the resolution of the matter.
In this line, crypto attorney Jeremey Hogan has pointed out what he terms as confusion regarding the handover of former SEC Division Director William Hinman’s emails, he said in a series of tweets on October 14.
According to the legal expert, following the decision by the presiding Judge to overrule SEC’s objections to turning over the emails, she did not clarify when they must be handed over. The email in contention concerns a speech Hinman delivered in 2018, where he said Bitcoin (BTC) and Ethereum (ETH) are not securities.
According to the crypto legal expert, the SEC may not appeal the verdict due to its overall implications.
“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,” he said.
The emails handover date
When the court can order the handover of the emails, Hogan stated that the deadline might be set when an appeal of the Judge’s ruling is due. However, he pointed out that the court is expressing some leniency because once the documents are turned over, the decision cannot be reversed.
“So, that deadline is, basically, 60 days – maybe longer if they move for reconsideration which I doubt they’d do,” he added.
At the same time, Hogan questioned the relevance of the emails in contention.
“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,” he added.
Case to continue despite emails outcome
Overall, the lawyer projected that Ripple might object to any ruling on the fair notice because the discovery is incomplete. Furthermore, he stated that if the SEC decides to appeal, the matter will continue forward.
On the determination of the matter, Hogan has cited that the case might be settled before November 15.
As the case drags, Ripple has continued to record minor wins, with legal experts projecting that the court might rule in favor of the blockchain company.
Source: https://finbold.com/ripple-vs-sec-lawyer-explains-source-of-confusion-over-hinmans-emails/