The pro-XRP lawyer, attorney Jeremy Hogan of Hogan & Hogan, says if Judge Analisa Torres moves the Fair Notice Defense (FND) issue to trial, it will “bode bad” for Ripple.
Hogan asserts that an FND trial would only occur between the parties if Ripple is unsuccessful in its dispute with the Securities and Exchange Commission (SEC) over the alleged Section 5 violation.
According to Hogan, who has been closely following the ongoing SEC vs. Ripple action, Judge Torres’ comments regarding the drafts of Hinman’s statement imply that she has not decided on the FND issue.
Judge Torres decided on the parties’ requests to have certain records connected to the summary judgment motions sealed on Tuesday. The SEC’s request to seal the drafts of William Hinman’s contentious 2018 speech was denied, which was the most remarkable aspect of the decision for members of the XRP community.
Judge Torres turned down the SEC’s request, noting that “whether the court relies on [Hinman’s] documents in ruling on the summary judgment motions, they are judicial documents subject to the presumption of public access.”
Hogan pointed out that the first portion of Judge Torres’ stated comments implies that either she still needs to address the fair notice defense issue or that she has just rejected the SEC’s application to seal the documents.
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The Judge Ruling May Lessen Chance of Victory for Ripple
Notably, Hogan provided the study in response to a question posed by a significant XRP influencer, Blockchain Backer. Yesterday, he pointed attorney Hogan’s attention to a section of Judge Torres’ decision that may lessen Ripple’s chances of obtaining an overall victory against the SEC.
A portion of the judgment, which showed the rejection of Ripple’s request to tie all of its XRP sales to revenue, as well as the fees paid to crypto trading platforms to list XRP, was added by Blockchain Backer to the tweet. According to the influencer’s conversations with other XRP supporters, the decision is a “net negative for Ripple.”
Hogan stated in response to Blockchain Backer’s query that he thinks the judge’s most recent order will only affect the summary judgment. He asserts that the order was limited to the information the court wants anyone following the SEC v. Ripple action to view. The decision about the sealing request cannot affect how the case turns out.
According to yesterday’s updates, Hogan claimed that the recent order’s language indicates that “a large portion of the order on summary judgment has been drafted.” He pointed out that the phrasing in the decision might imply that Ripple has won or lost the legal battle.
Furthermore, the current ruling by the judge would indicate that Ripple was unsuccessful in winning the lawsuit. Last but not least, he claims that the comment may suggest a lose-lose scenario for Ripple but a gain for XRP investors.