The Ripple Vs U.S SEC lawsuit is moving forwards with the most awaited Summary judgment.
However, the commission is still protecting its assertion over the crucial Hinman document.
Meanwhile, now lawyers seek how Ripple is going to compare their XRP token to Ethereum.
Hinman memos affect Ripple lawsuit?
To discuss the SEC vs. Ripple lawsuit and Judge Netburn’s ruling on the internal Hinman documents, Jeremy Hogan, an attorney, took to Twitter.
There was a comment that the court found these records to be instructive. This runs counter to the SEC’s statements in their action against Ripple.
Hogan claimed that the prongs were jumbled up in this case involving a joint venture. The situation is so dire that the defendant has nowhere to hide.
He speculated that if Ripple spent too much time debating the issue, it would come as a surprise.
As the attorney pointed out, there is a mountain of evidence and argument to sort through in this case, but only a limited amount of space to do it.
Amicus Curiae in the Ripple Lawsuit, John Deaton, has also abandoned hope for a summary decision.
Will it compare sales from earlier in the year with those from now? he asked. Will they look at primary versus secondary market sales?
XRP: Security?
If the XRP coin is a security, as suggested by Deaton, then that is where most businesses should put their attention.
Nonetheless, this would be the first case in 76 years in which there was no privity of contract between the parties involved in the trade.
As the summary judgment progressed, James Filan updated the court on his findings.
It stated that in order to file before September13, 2022, uncontested facts would be required.
However, the deadline for submitting the final motion is October18, 2022.
Meanwhile, the deadline for filing closing briefs is November 15.
The memos were described as the source of information that would determine the SEC’s stance on Bitcoin, Ethereum, and XRP.
This will also contain the motivations behind how they decided to classify tokens in the first place.
