Ripple Hints SEC Documents May Potentially Show That XRP Was Deemed Not A Security Before Lawsuit

March 26, 2022 8:50 pm

As the ongoing lawsuit between Ripple and the SEC continues, more and more details are getting revealed as the court orders documents to be shared.

Legal experts that have been following the case have now agreed that there is reason to suspect that the SEC documents may contain something that could really damage the SEC’s case against Ripple.

It would only be logical as only something that is severe could convince Judge Netburn to order the documents to be produced.

Attorney Jeremy Hogan also agreed to the consensus as shared in a public video his opinion on the case so far and how this could change the entire result.

FinanceFeeds reports:

Reminding that the SEC has gone to extraordinary lengths in order to keep from turning them over, including asking Judge Netburn to reconsider her order and indicating they intend to appeal Judge Netburn’s ruling to Judge Torres if she doesn’t change her mind, attorney Hogan considers the SEC’s legal positions on this to be quite abnormal.

In a previous video, he shared his suspicions that something was off: “There must be something really bad for the SEC. Something that really just destroys the SEC’s case. It must be really bad to justify the legal gymnastics the SEC has been playing on this issue.”

“Spot on the money”, he now says about his suspicion, which may turn out to be that the SEC has previously analyzed XRP and concluded it was not a security.

Essentially, Ripple is now dropping hints that Hinman may have “potentially” already analyzed XRP and decided that it would not be considered a security before the lawsuit had started.

If this turns out to be actually true, this would destroy the SEC’s case against Ripple which might be the reason why the committee has been delaying the case as long as possible.

In any case, Ripple is continuing to try to push the lawsuit forward and move on with the summary judgement with the assistance of the court which has yet to be approved.

Attorney Hogan reaffirmed the current status that Ripple is trying to move forward, but the SEC is trying every tactic to potentially delay the decision.

Now, the result is dependent on Netburn’s decision and who she sides with.

FinanceFeeds concludes:

“The SEC, on the other hand, is trying to delay the case by saying that the Ripple case and the individual defendants case is only one case. And Ripple shouldn’t be allowed to move forward until all discovery is concluded in regards to the individual defendants.

“If she agrees with Ripple, they suggested opening briefs on May 22 of this year, which would put us on schedule for a decision in late summer as expected. If the judge agrees with the SEC, a summer 2022 conclusion to this case is probably too optimistic”, he concluded.

The Judge has recently ordered both parties to agree on a briefing schedule for summary judgment.

So far, if all goes well to Ripple’s plan, the case may potentially wrap up sometime in the summer of 2022, but that would be the best case scenario and any additional roadblocks would delay that date.

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