With a lot of decisions going in Ripple’s favor, there is a lot of excitement that the case will be over soon. All of the recent rulings, in this case, show that the SEC’s main arguments have been weakened. Ripple’s recent response to an SEC move is also making people more optimistic.
SEC and Ripple: Game Over
The XRP army says it’s game over for the SEC as Ripple keeps winning legal fights. This is what Ripple said in its most recent filing to the SEC. The SEC asked for a partial review and clarification of the court’s ruling on Intentional Privilege in Process (DPP). Because the SEC wants to show more evidence that Bill Hinman’s speech in 2018 should be covered by the DPP, the court agreed.
Despite the SEC’s claim that Hinman’s remark was purely his own viewpoint, the company wished to reverse course. The SEC feels the speech should be somewhere between personal opinion and agency policy, but that isn’t it.
Proponents of XRP have said that Ripple’s legal team has been very clear about what they say. They also keep talking about possible SEC mistakes with XRP and Ethereum, and this isn’t going away any time soon. Then they said that because there was no way to prove that Ripple executives had done anything wrong, the SEC had reached its end of the line.
There’s no way the SEC can meet its responsibilities, says a well-known XRP supporter and lawyer, John Deaton. The SEC must show that the two executives either knew that XRP was a security or were negligent in not knowing about it.
Deaton also recorded some evidence that the SEC was bad. Deaton claims that former SEC commissioners Jay Clayton and Bill Hinman have a close contact with the folks running Ethereum.
They helped the SEC figure out how to call XRP a security and sue Ripple for making it. Backing this up, he shows that before 2020, the SEC didn’t know for sure whether XRP was a security.
In the last few court decisions, Ripple has come out on top. When the SEC asked for a response in favor of a proposal to protect Ripple’s fair notification last week, judge Analisa Torres said no.
Before that, the XRP community was happy when two Ripple memos were opened. As Ripple’s general counsel, Stu Alderoty said after they were opened, XRP isn’t a security. These memos make it clear that this isn’t the case.
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