The lawsuit between Ripple and the SEC is coming to an end. With the latest developments, experts pointed to this date! Here are the details…
Can the SEC still prevail in the case between Ripple and the SEC?
According to Matt Hamilton, former Director of Developer Relations at popular cryptocurrency firm Ripple, the recent discovery of SEC’s internal emails raises concerns for the lawsuit filed against Ripple. Hamilton said the situation “looks pretty bad” for the regulator. However, he pointed out that the result may not be in line with expectations due to the complexity of the US regulatory and legal system. Hamilton emphasized that while Ripple is right, there is still a possibility that the SEC will prevail in the case.
Recent findings in legal filings cast doubt on whether XRP meets all the criteria to be classified as a security. Allegedly, the argument lays out that the cryptocurrency failed to meet all the factors outlined in the Howey Test. However, John Deaton, representative of XRP holders, speculates that the quote in the unsealed emails may not be a direct statement from an official within the SEC, but rather a reference to another individual’s analysis.
The exposure of these emails could have significant consequences for Ripple and its legal dispute with the SEC. If XRP is not judged to be a security, this could have far-reaching consequences for the entire industry. However, the final outcome of the case remains uncertain due to the complex nature of the legal framework regarding digital currencies. As the case progresses, industry participants and digital asset enthusiasts look forward to further progress. The final decision on the classification of XRP will undoubtedly shape the future of the industry and could have an impact on the regulatory frameworks surrounding digital assets.
Ripple victory imminent?
According to attorney Bill Morgan, the public will find out on June 13 how many of William Hinman’s emails are included in Ripple’s reply briefings. Morgan believes that all of Hinman’s e-mails regarding the case are unlikely to be publicly seen unless they are covered by the parties’ summary judgment summary, appeal summary or response summary. The SEC had previously filed a petition to have Hinman’s emails sealed and excluded from the lawsuit. New York Southern District Court Judge Analisa Torres denied this request.
How many of the Hinman emails are cited and included by Ripple in its opposition and reply briefs. We get to see these once the briefs with the remaining allowed redactions are filed on 13 June. We wouldn’t see those Ripple did not reference and include by reviewing these briefs. https://t.co/jVzf9FmkxO
— bill morgan (@Belisarius2020) May 20, 2023
Ripple considers the refusal of the request another step towards victory in the ongoing litigation. The company’s CEO, Brad Garlinghouse, described the court’s decision as another gain for transparency, saying that lawyers will work on the mechanics and make the emails public. Deaton Law Firm Managing Partner John E. Deaton believes Hinman’s emails contain details that contradict the SEC’s argument in the lawsuit against Ripple. According to Deaton, the emails will further highlight Hinman’s conflict of interest. Interested parties suspect that a review of Hinman’s emails will shed more light on the SEC’s internal discussions and views on the matter. It can provide information that will work against the SEC’s argument in its lawsuit against Ripple. Judge Torres also denied Ripple’s request to seal for certain references linking Ripple’s revenues to XRP sales. It also denied requests from third parties to redact their identities and names of public crypto platforms.
On the other hand, Sam Lyman, one of the respected authors of Forbes, suggests in a recent analysis that the Securities and Exchange Commission (SEC) lawsuit against Ripple-related digital asset XRP may have taken a bite. Lyman emphasizes that the SEC’s continued pressure on the crypto industry continues, with SEC chairman Gary Gensler accusing the industry of lacking regulatory compliance rather than regulatory clarity. Lyman stresses that the gravity of the contradictions between the SEC’s current positions and its past statements and actions is becoming increasingly apparent to the court. As a result, the SEC is trying to conceal documents in its lawsuit against Ripple. But as you know, the Judge didn’t allow it, and the XRP community may therefore be one step closer to victory.
57175
