The SEC’s lawsuit against Ripple Labs took a dramatic turn when Judge Torres ordered three documents to be unsealed. These were Ripple CEO Brad Garlinghouse’s subpoena, Ripple Executive Chairman Chris Larsen’s email string, and Garlinghouse’s email string.
To clarify the meaning of these newly unsealed documents — and exactly who they’re helping in the lawsuit — attorney Jeremy Hogan conducted a quick analysis.
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Hogan flipped through Brad Garlinghouse’s statement, focusing instead on his emails. In particular, Hogan pointed to an email from the CEO to Ripple employees, in which Garlinghouse noted the company’s choice to place 55 billion XRP in escrow to give “investors” a “predictable delivery schedule.”
Hogan explained that this was crucial for the SEC, as the use of the word “investors” by the CEO of Ripple helped their cause immensely and it appeared as if Ripple was in the process of raising the price of XRP. However, since the email was only for employees, Hogan noted that it did not explicitly show that XRP holders were also aware.
Moving on, the attorney extracted Larsen’s email response to an XRP investor who reportedly purchased over $30,000 worth of XRP. In one section, Larsen reportedly shared his views on developing XRP by increasing the demand from banks for it. Looking at the statement, Hogan stressed that Larsen did not promise to increase XRP prices in this context.
“I think we will get a ruling on these three positive motions very soon, and by that I mean possibly within a month.”
Hogan also noted that Judge Torres’ standing was higher than Judge Netburn’s, meaning some tough decisions could soon be part of the lawsuit.
XRP on the rise?
At the time of writing, XRP was trading at $0.6707. The alt rose 9.07% in the past 24 hours and 8.54% in the past seven days. This came after weeks of swimming in the blood during multiple market crashes.
This post SEC vs Ripple: Lawyer breaks down content of two unsealed Ripple emails
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