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Ripple Lawsuit: John Deaton Discusses Key Thing as SEC Fails To Move On Hinman Documents

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Sat, 15/10/2022 - 15:53
Ripple Lawsuit: John Deaton Discusses Key Thing as SEC Fails To Move On Hinman Documents
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On Sept. 29, District Judge Torres overruled the SEC's objections and ordered it to turn over the Hinman documents. According to James K. Filan, the SEC's motion for reconsideration of Judge Torres' ruling regarding the Hinman documents was due Oct. 13. As of recent reports, this has not yet been filed.

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James K. Filan indicated earlier that the SEC might use several procedural tricks to further delay the release of the Hinman records. If the SEC decides to skip the motion for reconsideration, which was due Oct. 13, it could ask Judge Torres to certify an appeal of the decision. According to Jeremy Hogan, an appeal of the judge's decision would be due 60 days from the ruling.

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Also, the SEC could go to the Court of Appeals directly on a petition for a writ of mandamus. Filan notes that the SEC may try any or even all of these maneuvers, and that could take an extra two to three months to work out. However, the XRP community continues to keep its fingers crossed for the release of the Hinman documents.

CryptoLaw founder discusses key thing

As reported by U.Today, attorney Jeremy Hogan stated that the Hinman emails were probably only relevant to the fair notice defense and not the lawsuit's main contention — whether XRP was a security. He highlighted that Ripple did not file for summary judgment on the fair notice defense; only the SEC had.

CryptoLaw founder John Deaton likens the fair notice defense to being an insurance policy that only comes into play if Ripple loses the lawsuit's main contention — whether XRP is a security. He explains further that in a scenario if the SEC wins, which he believes it won't, Ripple won't have to pay or even pay less as the judge cites that it did not get fair notice.

John Deaton is optimistic about Ripple's win in the lawsuit, hence the judge might not necessarily rule on the fair notice defense.

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