The lawsuit between the US Securities and Exchange Commission (SEC) and Ripple has come a long way. In 2020, SEC sued Ripple because the XRP token is a security and a currency. Many events and evidence related to the case have come into the limelight thus far. However, the majority of the documents reflect the prejudices and lack of clarity in the approach of the committee.
Important events discovered in the case
February 2022 can be classified as the most action-packed month yet in the case. The month saw revelations of the mystery behind the two legal memos to show Estabrook Notes on camera. The latest discoveries have completely shaped the case in Ripples’ favor, as SEC still tries to implement delaying tactics.
From the perspective of Ripple and XRP, the disclosure of the legal advisory memos received in 2012 from the attorney at Perkins Coie LLP has played in their favor. While the first memo stated, “Sale may be subject to regulation as securities or commodities by the commission,” the second memo assured that XRP should not be considered a security under federal law.
However, the disclosure of the Estabrook Notes will play a crucial role in this case. These notes are the minutes of the meeting between Mr. Garlinghouse and then SEC Commissioner Roisman. Interestingly, this meeting took place in November 2018, after which SEC sued Ripple in 2020.
What after the discovery period?
The notes contain very crucial information about the nature of XRP tokens. The CEO of Ripple believes that these notes will certainly help them in the matter. Notes will approve that he has had a discussion with the Commissioner on the regulation of digital assets.
It seems that the crucial discovery period in the lawsuit is coming to an end. This is a positive signal for cryptocurrency enthusiasts. This season has been fruitful for Ripple as it has presented both old and new documents related to the nature of the token. As soon as this will end, the next ‘Conclusion period’ will begin in which the court will decide the fate of the XRP token.
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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]
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