The much-followed SEC vs Ripple lawsuit is nearing a breakthrough. After wrapping up the SEC’s confused approach to Hinman’s infamous Ether speech, all eyes are now on the “Estabrook Notes” disclosure. The committee has already filed a request for reconsideration to produce the notes in court. The next ruling in the case will decide whether the judge will deny or accept the SEC’s motion.
Why is Estabrook Notes Disclosure Crucial?
These notes are called the summary of the meeting between Ripple CEO and SEC commissioner before the agency filed a lawsuit against the alleged security aspect of the XRP token.
However, Ripple CEO Brad Garlinghouse said in a recent interview with FOX news, quoting:
“We were in the SEC offices, I had a meeting with Chairman Clayton, I had a meeting with commissioners. Nobody ever said we think XRP is a security and yes they look back and now say we think it’s all security, that’s a hard argument.
Ripple and XRP attorneys are very confident of these notes, as Garlinghouse himself was present at the meeting. Brad and SEC are both aware of the impact of Estabrook Notes in the XRP vs SEC case if disclosed.
Will SEC Reveal Estabrook Notes?
The lawsuit has gone on for over a year and the evidence revealed has only helped the crypto community resolve their confusion. Meanwhile, John Deaton, the attorney representing XRP holders in the case, has predicted that some of the potential outcomes will drop this week or next. He believes ‘Estabrook Note’ will be handed over in court.
Ripple and its executives are very confident in these notes, while SEC looked hesitant. What if Judge Netburn declares to hand over both documents, is there any chance the SEC will agree to settle the case rather than disclose it?
Deaton believes the SEC could try to dismiss the case, but would agree to settle for something. The settlement could be turned as a win for them, but it would be a relief for XRP if this happens. Meanwhile, it cannot be done immediately as the SEC has 14 days to file an objection and appeal with Judge Torres.
On the upside, Deaton claims the judge won’t reverse the decision.
One reason I don’t think she’s going to roll back is because the SEC didn’t follow local rules. You may not offer affidavit in support of a motion for reconsideration without court approval. Judge Torres’ Court is very strict with the rules. I know from first hand experience.😂 https://t.co/fKvB3fkbzn
— John E Deathon (@JohnEDeaton1) March 4, 2022
Rumors of XRP vs Ripple Settlement are high following SEC chief Gary Gensler’s recent controversial interview. As reported by Coingape, Gary Gensler, while discussing SEC rules and guidelines, quoted:
“SEC must learn to recover losses from time to time”
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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 Will SEC Transfer Estabrook Notes or Settle for Ripple?
was published first on https://coingape.com/ripple-vs-sec-will-sec-turn-over-estabrook-notes-or-will-it-settle-with-ripple/