XRP Vs SEC: Mystery Behind The Sealed Memos in Ripple Lawsuit

By Sunil Sharma
February 9, 2022 Updated February 9, 2022
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XRP Vs SEC
XRP vs SEC

The recent developments in the SEC Vs Ripple lawsuit have signaled some good signs for the XRP investors. However, the two sealed memos considered key to Ripple Lawsuit are still a mystery. Judge Analisa has already ordered to reveal the memos publicly on Feb 17th, 2022.

Why sealed memos are key to this case?

The two memos are termed as a piece of key evidence in the case. Ripple and the Government have presented very different scenarios of what Ripple’s outside counsel could have said in the two sealed memos.

  • As reported by Reuters, the SEC believes that Ripple and it’s then CEO, Christian Larsen were fully aware of the risk XRP would be considered a security under federal law.
  • However, Ripple and now its chairman, Larsen say that SEC is mischaracterizing the memos and the documents show that Ripple’s lawyers ultimately concluded its tokens were not securities.
  • Meanwhile, Judge Torres announced to unseal two memos publicly on or before Feb. 17th to which Ripple and Larsen are resistant. They even argued in letter motions to Torres that the documents should remain sealed.

Notably, SEC is in favor to unseal and release the memos publicly. It deems this as an opportunity to show it has not mischaracterized the documents.

The SEC commission told Torres that the memos provide important support for its motion to strike Ripple’s affirmative defense that the SEC failed to provide fair notice, reports Reuters.

XRP vs SEC: Game of Wrong And Right?

This question will be answered after Feb 17th but right now XRP holder’s lawyer, John Deaton has voiced his opinions. He believes former leaders of the SEC abused their positions against Ripple.

Stuart Alderoty, General Counsel of Ripple commented quote,

“it took the SEC eight years, while XRP traded globally, to declare its contrary view. We look forward to the public having access to these documents as we continue to vigorously defend this case,”

Well, the public release of these memos which are have been termed as ‘pieces of key evidence’ is at the center of hyped Ripple lawsuit and will decide the fate of XRP coin.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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