SEC vs XRP lawsuit update: Lawyers guesses SEC’s next move

• It’s been quite some time since the controversy between the SEC and Ripple, and recently the case has taken another turn.
• Famous crypto lawyer John Deaton finds the documents barely relevant.
• Lawyers representing the 64,000 XRP holders have disclosed their say on the matter, trying to predict the next move of the SEC.

The XRP community came into action as there came an XRP lawsuit update. The court’s order to unseal the three documents related to the case further brought complexities to the situation. And with this, the XRP community tried to have an idea of what the evidence might mean. 

These three documents were deposition notice of Ripple CEO Brad Garlinghouse, email string of Ripple Executive Chairman Chris Larsen, and email string of Brad Garlinghouse.

Opinions from a legal perspective on the XRP lawsuit update:

– Advertisement –

Recently, prominent crypto-lawyer John Deaton, representing more than 64,000 XRP holders, has shared his stand on the case. He spoke about Larsen and Garlinghouse’s email strings which mostly have private emails. Deaton highlighted it would be more or less impossible to prove any link between XRP’s price and public announcements by Ripple. The SEC also has to prove that Garlinghouse and Larsen sold XRP in the USA.

He called the three documents to be mostly irrelevant, and the lawyer gave a thought to whether the SEC would try claiming that it was Ripple who created XRP’s secondary market. 

He expressed that SEC might try this out if it faces a tough time proving Garlinghouse and Larsen sold XRP in the USA. 

Though it is to be noted that Deaton claimed, the unsealed documents were not disclosed to him even after his friend of the court status. 

ALSO READ – “NINTENDO SEES ‘GREAT POTENTIAL’ IN THE METAVERSE,” – PRESIDENT SATORU IWATA

Attorney Jeremy Hogan also attempted to examine the email strings of Garlinghouse and Larsen. He specifically pointed out that the SEC might try and prove the Ripple’s executives’ plans to surge XRP’s price through some written material.

Deaton and Hogan both shared a similar stand on the fact that materials seemed to highlight the degree of separation between the company Ripple and individual XRP holders. Hogan reminded the XRP community that the further documents would be unsealed on February 17. And that it will be easier to analyze the situation after that.

This SEC vs XRP lawsuit update is not the last one, and a final settlement is still awaited. And it is indeed a tough time for the Ripple platform, but according to the company, RippleNet had the most successful and gainful year in 2021.

The XRP lawsuit update is not really conclusive of anything. But it is to look forward to what the future might bring and when the case finally witnesses a settlement.