Ripple Vs SEC case is developing at a good pace and few important rulings are expected this week. Legal experts believe the rulings of this case will eventually clear the misunderstanding over the nature of certain tokens while it will lay a foundation for future regulations. The SEC Vs XRP case is exposing possible loopholes in the investigation made by the SEC.
Lawyers related to the regulatory lawsuit say that they are stuck in a situation where they are just waiting for the upcoming judgments. However, some of them believe that the commission has already lost the case and SEC will eventually strike a settlement with Ripple.
This week, the court might see multiple decisions on:
- SEC’s request for reconsideration of the Hinman emails
- Garlinghouse’s response disclosing Estabrook Notes from a 2018 meeting between himself and then SEC Commissioner Roisman
Reconsideration of the Hinman emails
SEC requested the court to reconsider its previous judgment regarding a clean draft of a June 14, 2018 speech delivered by Bill Hinman. The commission believes that all such documents are protected by the DPP. However, the judge doesn’t believe so.
What SEC believes is that the court made its decision on a single document which the defendants chose to highlight. While the court didn’t consider the other 67 emails attaching the draft of Hinman’s speech.
The SEC wants to reconsider Hinman’s infamous Ether speech as an essential link in the Commission’s deliberative process with respect to Ether.
Disclosure of Estabrook notes
A ruling on Ripple’s Brad Garlinghouse motion to SEC’s opposition is a much-awaited judgment. It is being termed as a specific piece of evidence in the case after the Two memos.
SEC filed an opposition to Ripple’s motion seeking the disclosure of ”Estabrook notes”. These are the notes from the meeting between former SEC Commissioner Elad Roisman and the Ripple CEO which happened on Nov. 9, 2018, before the commission alleged the XRP token is a security.
The Notes will decide whether Garlinghouse knew that sales of XRP tokens were unregistered securities or not. However, Rulings in the case till now have proven to be a path leading towards deciding the nature of many cryptocurrencies.
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