SEC wants to avoid the jury trial over the fair notice. On the other hand, the court has a good faith obligation to the parties and both of them can’t disagree that it doesn’t come under the dispute.
The U.S. Securities and Exchange Commission (SEC) Vs Ripple lawsuit is approaching its summary judgment this week. Many rumors and speculations regarding the outcome of the case have already made it to the market.
John Deaton, an attorney representing XRP token holders in the case has suggested possible scenarios where both sides can win.
Can Ripple lose the case?
While recent developments in the long-running case have favored Ripple, Deaton said in a twitter thread that the crypto firm could still lose. Both the parties will have to agree on some indisputable facts. Admitting these facts can remove the lawsuit from being decided by a jury, he added. However, if SEC and Ripple won’t come to a common resolution over the facts then their fate will be in the jury’s hand.
The XRP attorney said that both parties will be meeting this week to decide the scheduling order of the summary judgment. Ripple was trying to move the initial briefs in mid-May. He dropped the hint that maybe initial briefs and Daubert motions will start by early June.
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It’s possible that both sides win – technically and legally speaking, that is.
Dispute over fair notice
However, the Deaton asserted that the Commission can face a loss if the case will be evaluated over strict Howey analysis rather than fair notice. Meanwhile, he also pointed out that if the judge orders that Ripple is falling short over the fair notice then they can choose the way many altcoins did. Attorney especially pointed out that if the court decides that XRP is not a security then it will be applicable for the token only.
In a comment, Deaton raised a point that SEC wants to avoid the jury trial over the fair notice. On the other hand, the court has a good faith obligation to the parties and both of them can’t disagree that it doesn’t come under the dispute.
The SEC recently came under fire from XRP holders who believed the regulator had damaged their financial prospects through the case.