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Former SEC Director Questions Potential Ripple v. SEC Settlement, Anticipates Ruling Within Days
It appears that the case involving the United States Securities and Exchange Commission (SEC) may soon proceed to trial.
The former Director of the SEC’s San Francisco Office, Marc Fagel, shared his thoughts on the situation via Twitter, indicating that he believes a ruling could be forthcoming in a matter of days.
Will the SEC Reach a Settlement With Ripple?
Fagel noted that a “settlement wouldn’t establish a legal precedent.” Nevertheless, he also suggested that if a settlement were possible, “it seems like it would have occurred by now.” He pointed out that “eve-of-trial” settlements are not uncommon, but the implications of an injunction on future XRP sales appear to be a significant concern.
Furthermore, he expressed that his “guess is a ruling is imminent.” Fagel stated that even if he is mistaken, there is currently no reason to believe that the delay in this case is due to anything “beyond the complexity of the case.”
My only reference point is the recent unsealing order; that indicated to me that the Court had likely already made a decision regarding the ruling. […] I think the fact that she (Judge Torres) is unsealing materials that, if relevant at all, would only be presented at trial rather than on summary judgment (i.e., the speech materials) implies that at least some aspects of this are moving towards trial; beyond that is speculation.
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The Unsealed Hinman Speech
Fagel’s mention of unsealed documents pertains to the latest development in the Ripple v. SEC case when Judge Analisa Torres made the Hinman speech public.
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As reported by CryptoPotato, Ripple’s Chief Legal Officer requested that it be removed from the SEC’s website and not be referenced again in discussions regarding whether an asset qualifies as a security.
The speech has been pivotal to the Commission’s legal arguments, claiming that the sale of XRP in 2013 represented an unregistered securities offering. Conversely, Ripple contends that the speech characterizes Ether as a commodity, which should similarly exclude XRP from being classified as a security since it was sold in a comparable manner.
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