It’s been just over a month since the SEC announced a settlement with cryptocurrency exchange Coinbase over its failure to list a token known as “bitcoin cash.” The SEC’s case against Coinbase was based on its interpretation of a fake SEC website, created by Coinbase to mislead investors. The phony website told investors it had reviewed the company and determined it was not engaging in fraudulent behavior.
Although the world seems to be turning upside down for the latest from the world of cryptocurrency, this is just the tip of the iceberg. Those who have been following recent news will recall that the SEC has been stepping up its scrutiny of cryptocurrencies, as it looks to regulate the market. The SEC has recently filed charges against a number of cryptocurrency exchanges, including Coinbase. The SEC has also sent out subpoenas to a number of cryptocurrency companies.
Federal regulators are suing the crypto exchange Ripple for its recent involvement in a massive ICO scam. In a blog post yesterday, the SEC’s chief accountant, William Hinman, said the agency filed the lawsuit because Ripple failed to meet the standards of registration. “The [securities] laws we enforce are strong, but they are not designed to be harsh.”
Attorney Jeremy Hogan suggested that the legal battle between the San Francisco-based payment company and the SEC would end at a later date.
In a new video, Hogan argues that the settlement between Ripple and the SEC will likely come about after the discovery phase, the pre-trial phase in which both parties provide relevant information and evidence.
Jeremy Hogan talking about thetrial
If the case is not resolved, Hogan expects a series of responses to the summary judgment motion to delay the case until November and 2023. He said: I don’t think the case will come up for summary judgment until early 2023, probably not before January.
Hogan predicts when the disclosure period will end and thus when Ripple and the SEC will reach a settlement. No liquidation shall take place until the clearing process has been completed. Is it possible that it will be quieter by then? Yeah, but I don’t think that’s likely.
As a result, it is unlikely that a settlement will be reached before the end of the fact-finding process, which is currently in early September, or even later, after the 16th Circuit Court of Appeals rules. October. And if not, I think Judge Torres will grant summary judgment on two important points, he added.
He stated that if you look at the summary judgment rule, you will see that motions for summary judgment must be filed within 30 days of the close of the case.
Therefore, the parties must file a motion for summary judgment within 30 days of the close of the entire hearing, which for us is the 16th day after the hearing. November means.
The lawyer argues that the SEC is unlikely to be in a hurry to close the case, since the top regulator just got a two-month extension of its disclosure deadline. He said it very clearly: I see no reason why the SEC would rush to settle this case.
The SEC’s position on the settlement gets better the more Ripple suffers. I see this every day in my practice, as most of my clients fight big insurance companies, and nothing gives them more pleasure than destroying my clients over time. This is a common tactic.
In December 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple over its crypto currency XRP, alleging that the company conducted an unregistered offering of $1.3 billion in securities. The lawsuit argues that because Ripple is a security and not a currency, it should be regulated by the SEC.
Jeremy Hogan has estimated that if the Ripple lawsuit is not resolved soon, it will likely be delayed until 2023.With the ripple price exploding lately it looks like the SEC will not approve XRP for trading on a centralized exchange.. Read more about xrp vs sec and let us know what you think.
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