Ripple Claims SEC is concealing Key Documents.
The Securities and Exchange Commission (SEC) has been doing everything possible to protect relevant documents from its previous staff, which could be vital in ending the more than one-year legal battle between the agency and Ripple.
On several occasions, the SEC has explained that Estabrook Notes and Hinman’s 2018 speech were only personal opinions and not public guidance, thus making the agency seek legal protection of the documents.
Following the agency’s determination to protect both documents that are capable of putting an end to the lawsuit, Ripple and the individual defendants, Brad Garlinghouse and Chris Larsen, filed a brief explaining the relevance of Hinman and Estabrook’s documents.
In the recently filed Ripple’s response to the court, the blockchain company’s lawyer Matthew Solomon noted that the SEC is poised to protect the documents because the agency’s own former Director of Corporate Finance had made the possible analysis and conclusion that XRP is not a security.
“[…] While [the SEC] conceals (potentially) the fact that its own Director of the Division of Corporation Finance had analyzed a substantially-similar digital asset (and maybe even XRP) and concluded that it was not,” excerpts of Ripple’s response.
The development was spotted by attorney Jeremy Hogan, who has been vocal about the lawsuit since the fintech company and its executives were charged for conducting an unregistered security offering in the U.S. and raised $1.3 billion from the sales.
“I tried to analyze this for you in a true legal sense. But, my MIND was BLOWN by the part below and I couldn’t think about much else after. Is the SEC “potentially” hiding a document in which the SEC concluded that XRP was… NOT A SECURITY?
WHAT DOES SOLOMON KNOW????,” attorney Hogan tweeted.
I tried to analyze this for you in a true legal sense.
But, my MIND was BLOWN by the part below and I couldn't think about much else after.
Is the SEC "potentially" hiding a document in which the SEC concluded that XRP was… NOT A SECURITY?
— Jeremy Hogan (@attorneyjeremy1) March 21, 2022
Meanwhile, the past week has seen interesting developments. The court denied the SEC’s motion to stop the blockchain company from using Fair Notice Defense, a decision considered a victory for the blockchain company.
Following the SEC’s motion denial, Ripple would now prove before the court that the securities agency never gave it a prior warning that XRP could violate the United States securities law.
In other developments, the individual defendants were also denied their application to have the charges against them dropped.