“If she’d been happy with the briefings, she would have just ordered the testimony.”
Judge Sarah Netburn has scheduled a conference call for July 15, 2021 at 3:00 p.m. ET in response to Ripple’s request to expedite the decision of the SEC’s motion to lift the dismissal of William Hinman.
Last week, the defendants had reiterated the testimony of former SEC director William Hinman for July 19, 2021, which put the judge under pressure to make a decision by then, preferably the SEC motion in the eyes of Ripple and to reject its co-founders.
Ripple’s arguments against Quash’s motion met with opposition from a laid-back SEC, which saw irony in the debate over whether William Hinman was a senior official.
A judgment is needed this week as the testimony is now scheduled for next Monday, July 19th. The judge will likely make her decision at the July 15 hearing, after hearing both parties one last time.
The removal of the former SEC director would be a culmination of the SEC lawsuit against Ripple, as William Hinman is the man who made his (apparently unofficial) opinion on the status of Ethereum and Bitcoin and then left the SEC and joined an affiliated law firm Ethereum.
“My short take on planning a conference with a fully informed motion is that it is bad for Ripple. If she had been happy with the briefings, she would have simply ordered the testimony. She could use more of Ripple if she wants to order the dismissal, “said attorney Jeremy Hogan.
Tension becomes inevitable in this lawsuit as Ripple Labs seeks to advance its business and new use cases for the XRP ledger as well as its planned IPO.
His plans to go public will remain in place until the dispute is over. When does the lawsuit end? and why does it take so long? are very valid questions in such a fast-moving industry.
Unsurprisingly, the SEC is taking its time to hold on to Ripple for survival as it pressures the court that its decision could ultimately nullify the Howie Test.
Ripple Labs seeks to advance the lawsuit and end it with a summary judgment defending the fair notice that could “save the industry from the SEC” if Ripple wins.
Bringing William Hinman to court, however, could lead the SEC to reconsider Ethereum’s status as the upcoming upgrade will change the model from proof of work to proof of stake.