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Ripple Lawsuit: Pro-XRP Lawyer Reveals Expectation for Summary Judgment Verdict

Wed, 05/24/2023 - 13:51
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Tomiwabold Olajide
Pro-XRP lawyer taking this action ahead of key date in Ripple lawsuit
Ripple Lawsuit: Pro-XRP Lawyer Reveals Expectation for Summary Judgment Verdict
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XRP enthusiast and attorney Jeremy Hogan has revealed his expectations as regards the summary judgment ruling in the Ripple-SEC lawsuit.

Hogan was responding to a Twitter user who asked if Judge Torres could make a summary judgment decision before the redacted documents are released.

He answered that the judge does not have to wait for the documents to be released, but a more likely scenario is that she might wait. Hogan added that he would not hold his breath until after June 13.

In a throwback to events in the Ripple lawsuit, it should be recalled that on May 16, Judge Torres issued a ruling denying the SEC's motion to seal the Hinman documents. The countdown for the much-talked-about documents to be made public began with June 6 in mind.

In the past week, both parties filed a joint letter for a one-week extension, until June 13, 2023, to file public, redacted versions of cross motions for summary judgment and accompanying exhibits, which include the Hinman materials.

Pro-XRP Lawyer Argues Chances of Ripple Win in Lawsuit: Details

The request for an extension of time to June 13 was required due to the "voluminous nature of the materials and redactions," and has been granted.

John Deaton, CryptoLaw founder, made an interesting find in the footnotes of Ripple's Opposition and Reply Briefs. It showed references to internal SEC emails conceding reasonable grounds that XRP does not satisfy all elements of the Howey Test and may therefore not be classified as a security.

Deaton is eager to see the redacted documents, which he says are by and large personal opinion.

"There were 63 emails and 52 unique Drafts of the Hinman Speech. 'Fifty-two' That's a lot of drafts and input for a personal opinion," Deaton tweeted.

Expectations remain for the public reveal of the documents as well as an imminent summary judgment decision.

Meanwhile, Ripple says it expects a decision on summary judgment in 2023, though the timing is ultimately up to the court.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.