More On: ripple lawsuit update
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In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
XRP gains support from SEC v. Ripple case updates
Internal SEC docs might demolish Ripple's argument regarding XRP.
As we near the end of the SEC v. Ripple lawsuit, the exchanges between the parties have become more heated and detailed than before.
There are now legal experts who are following the case who think the SEC's internal documents that Judge Netburn has ordered to be made public are full of things that the SEC doesn't want the public to see.
One of the lawyers at Hogan & Hogan called it the "smoking gun" in a video in which he talked about the case's progress.
The SEC's internal documents could kill the case against RIPPLE, so be careful what you read.
Attorney Hogan points out that the SEC has gone to great lengths to keep them from being turned over, including asking Judge Netburn to reconsider her order and saying that if she doesn't change her mind, they'll appeal to Judge Torres. Hogan thinks the SEC's legal positions on this are very unusual.
"There must be something wrong with the SEC." The SEC's case is ruined by something that really does not help them. In order for the SEC's legal maneuvers on this issue to make sense, it must be very bad.
This is what he says now about his suspicion that the SEC has already looked into XRP and found that it isn't a stock.
"In order for the defendants to be found guilty, they must have knowledge of wrongdoing," the judge said. The SEC took that part and used it to say that the internal documents about Hinman's speech aren't relevant to the case.
XRP and other digital assets are not important to the SEC because of a judge's order: "It is clear that SEC internal documents that show how its staff thinks about XRP, Bitcoin, or any other digital asset are not important."
On the other hand, Ripple made a big announcement: Hinman "potentially" looked into XRP and found out it wasn't a security, which was very interesting.
The SEC shouldn't be able to say to the judge that Garlinghouse and Larsen were reckless in not realizing that XRP buyers thought of it as an investment in a common company while the SEC's own director of corporation finance might have thought the same thing about XRP.
It's possible for Attorney Hogan to make a bluff, but it's more likely than not that it isn't.
If RIPPLE gets what it wants, the XRP Lawsuit will be over by the summer if it doesn't change.
People who work for Ripple want to move quickly in the SEC v. Ripple case. The defendants want to get a quick summary judgment on the main issues: is XRP a security and is the fair notice defense valid?
The SEC, on the other hand, is trying to slow them down even more by keeping the investigation going. This kind of behavior, which Ripple calls "gamesmanship," has led to the most angry language so far.
There are a lot of things going on in this case that aren't related to the law. Remember that." The conflict is that Ripple wants to move the case forward quickly, but the SEC, for whatever reason, wants to hold it up, hold it up, hold it up, lawyer Hogan said.
It's over if Ripple can get those issues to summary judgment and win on one of them. If Garlinghouse and Larsen don't win, the case against them is over. We can move forward with the Ripple case on one track while we keep looking into other issues involving the individual defendants on another. So, that's what Ripple says.
Trying to keep the case from moving forward: The SEC says that both the Ripple case and the individual defendants case are part of the same case. And Ripple shouldn't be able to move forward until all the information about the individual defendants has been found out.
If she agrees with Ripple, they want to open their briefs on May 22, which would put us on track for a decision in late summer as planned." If the judge agrees with the SEC, he thinks that a summer 2022 end to this case is too optimistic.
The Judge has recently ordered both parties to agree on a briefing schedule for summary judgment.
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