The recent developments in the SEC versus Ripple lawsuit have signaled some good signs for the XRP investors. However, the two sealed memos believed to be the key to Ripple Lawsuit are still a mystery. Judge Analisa has already ordered that the memos be made public on February 17, 2022.
Why are sealed memos the key to this case?
The two memos are cited as key pieces of evidence in the case. Ripple and the government have presented very different scenarios from what Ripple’s outside counsel could have said in the two sealed memos.
As reported by Reuters, the SEC believes Ripple and its then CEO, Christian Larsen, were fully aware of the risk that XRP would be considered a security under federal law. However, Ripple and now its chairman Larsen say SEC mischaracterizes the memos and the documents show that Ripple’s attorneys ultimately concluded that the tokens were not securities. Meanwhile, Judge Torres announced that on or before Feb. 17 he would make public two memos that Ripple and Larsen are resistant to. They even argued in motions to Torres that the documents should remain sealed.
In particular, the SEC is in favor of unsealing the memos and making them public. It sees this as an opportunity to demonstrate that it has not mischaracterized the documents.
The SEC committee told Torres that the memos provide significant support for its motion to attack Ripple’s affirmative defense that the SEC failed to give fair notice, Reuters reports.
XRP vs SEC: Game of Wrong and Right?
This question will be answered after Feb. 17, but at this point, the XRP holder’s attorney, John Deathon, has expressed his opinion. He believes former SEC leaders have abused their positions against Ripple.
@patrickbetdavid remember how we discussed gross appearances of impropriety and conflicts of interest regarding the @SECGov and @Ripple † #XRP case? It becomes even more obvious that former SEC leaders have abused their positions. But the cover up might be even worse👇 https://t.co/shEDGaqNcE
— John E Deathon (@JohnEDeaton1) February 8, 2022
Stuart Alderoty, General Counsel of Ripple commented quote,
“It took the SEC eight years, while XRP was trading globally, to voice its opposing view. We look forward to having the public access to these documents as we continue to vigorously defend this case.”
Well, the public release of these memos, dubbed as “pieces of key evidence,” is central to the hyped Ripple lawsuit and will determine the fate of XRP coins.
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About the author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @sharmasunil8114 and contact him at sunil (at) coingape.com
This post Mystery Behind the Sealed Memos in Ripple Lawsuit
was published first on https://coingape.com/why-mystery-behind-the-sealed-memos-is-key-to-sec-vs-ripple-case/