The mystery behind the ‘two sealed memos’ in the SEC vs Ripple lawsuit continues. Not just the community of Ripple and XRP, but the entire crypto circle eagerly awaited the unveiling. According to an order from Judge Analisa, the deadline to publicly disclose the memos was February 17, 2022, but we’ll have to wait until tomorrow to see what’s hidden in those memos.
Memos to open today?
These unsealed memos, cited as a key piece of evidence in the lawsuit, managed to grab everyone’s attention. It is believed that this evidence will lead the matter towards clarity as to whether the XRP token is a security or not.
Attorney Jeremy Hogan gave a quick update on the disclosure of ‘two memos’.
What happens now? The judge will give the clerk a quick order to open the exhibits. Since it is a court hearing after 7 p.m., this will probably happen tomorrow. I don’t think we’ll see anything tonight.
— Jeremy Hogan (@advocaatjeremy1) February 18, 2022
Meanwhile, Ripple’s Chris Larsen has filed a letter with the court stating that “he does not oppose the disclosure of the legal memos in their entirety.”
Mr Larsen believes that if any portion of the legal memos is unsealed, both documents should be unsealed in their entirety so that the public can view the SEC’s characterizations of these documents in their full context, the letter reads.
To be clear, Ripple and Mr Larsen’s stance on sealing is not intended as a waiver of any right of evidence or protection from disclosure with respect to the subject matter of the legal memos, the letter added.
Why is it worth waiting?
As the lawsuit progresses, it creates confusion about the future of the XRP and its community. It is intended that the disclosure of these “two sealed memos” will ultimately provide a clear picture of the case. The Ripple and the SEC have presented completely different scenarios of what is hidden in those pieces of evidence.
The SEC believes Ripple and its then-CEO, Christian Larsen, were aware that XRP would be considered security under government regulations
On the other hand, Ripple and now its chairman, Larsen, says the SEC is misrepresenting the documents as “memos” clearly stating that Ripple’s lawyers ultimately concluded that the tokens were not securities.
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About the author
Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analyses. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]
This post Court to publicly disclose SEC memos today; Why is waiting worth it?
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