The fact that Ripple received legal advice stating XRP was not a security, bolsters their fair notice defense. But, I don’t believe it matters because the judge will strike down the fair notice defense anyway in order to drag on this case indefinitely to deny XRP holders justice
The mystery behind the ‘two sealed memos’ in the SEC vs Ripple lawsuit continues. Not just Ripple and XRP’s community but the entire crypto circle was eagerly waiting for the revelation. As per an order by Judge Analisa, the deadline to unseal the memos publicly was February 17th, 2022 but guess we need to wait till tomorrow to see what’s hidden in those memos.
Memos to unseal today?
Termed as a piece of key evidence in the lawsuit, these unsealed memos have managed to grab the attention of everyone. It is believed that this evidence will lead the case towards clarity whether the XRP token is a security or not.
Attorney Jeremy Hogan gave a quick update over the disclosure of ‘two memos’.
Meanwhile, Ripple’s Chris Larsen filed a letter in the court in which he has stated that ‘he does not oppose unsealing the Legal Memos in their entirety.’
Mr. Larsen believes that, if any part of the Legal Memos is unsealed, then both documents should be unsealed in their entirety so that the public can review the SEC’s characterizations of these documents in their full context, reads the letter
For the avoidance of doubt, Ripple’s and Mr. Larsen’sposition on sealing is not intended to be a waiver of any evidentiary privilege or protection from disclosure with respect to the subject matter of the Legal Memos, the letter added
Why it’s worth waiting?
As the lawsuit is proceeding, it is creating confusion over the XRP’s future and its community. It is being intended that the revelation of these ‘two sealed memos’ will eventually provide a clear picture of the case. The Ripple and the SEC have altogether presented very different scenarios of what’s hidden in those pieces of evidence.
The SEC believes that Ripple and its then CEO, Christian Larsen were aware that XRP would be viewed as security under government regulations
On the other hand, Ripple and now its chairman, Larsen says that the SEC is misrepresenting the documents as ‘memos’ will clearly state that Ripple’s lawyers ultimately concluded its tokens were not securities.