Ripple XRP News – Massive News! Ripple v SEC Lawsuit Heats Up! Fair Notice Defense Ruling Soon!
The SEC’s lawsuit against Ripple Labs has taken a turn for the dramatic as Judge Torres ordered for three documents to be unsealed. These were Ripple CEO Brad Garlinghouse’s subpoena, Ripple Executive Chairman Chris Larsen’s email string, and Garlinghouse’s email string.
To drive home the significance of these newly unsealed documents – and whom exactly they help in the lawsuit – Attorney Jeremy Hogan carried out a quick analysis.
Keeping you in the loop
Hogan skimmed over the notice of Brad Garlinghouse’s deposition and instead focused on his emails. In particular, Hogan pointed out an email from the exec to Ripple employees, where Garlinghouse noted the company’s choice to put 55 billion XRP in escrow to give “investors” a “predictable supply schedule.”
Hogan explained this was crucial for the SEC as the Ripple CEO’s use of the word “investors” greatly helped their case, and made it seem that Ripple was working to increase XRP’s price. However, since the email was only for employees, Hogan observed that it did not explicitly prove that XRP-holders were in the know as well.
Moving on, the lawyer unpacked Larsen’s email response to an XRP investor who allegedly bought over $30,000 euros worth of XRP. In one section, Larsen reportedly shared his thoughts on developing XRP by increasing bank demand for it. Looking at the statement, Hogan stressed that Larsen was not promising to increase XRP prices in this context.
“I think we are going to get a ruling on these three despositive motions very soon, and by that I mean within a month, possibly.”
Hogan also noted how Judge Torres’ status was higher than that of Judge Netburn, meaning that some heavy-weight decisions could soon be part of the lawsuit.
XRP on the rise?
At press time, XRP was trading at $0.6707 . The alt rose by 9.07% in the last 24 hours and by 8.54% in the last seven days. This came after weeks of swimming in blood during multiple market crashes.
What does the SEC vs Ripple (XRP) court case mean for the future of crypto ahead
Ripple (XRP) vs The SEC
Brad Garlinghouse, CEO of Ripple, has repeatedly come out fighting on Twitter. He wrote:
“Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments. The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning”.
This outburst, whether justified or not, speaks to the severity of the case as relates to XRP and its chance of future success. Much of the criticism on the side of Ripple has stemmed from the reasons for the SEC choosing XRP as opposed to Bitcoin or Ethereum. BTC and ETH are two larger and more successful entities that they argue have committed largely the same actions as Ripple themselves.
Lawyer for thousands of XRP holders, John Deaton, expanded on this, “it is the internal documents at the SEC, their documents on Bitcoin, their documents on Ethereum…the SEC has refused to turn any of these documents over. They’re claiming they’re privileged…even though they claim that they’ve never made an official declaration on Bitcoin or Ethereum.”