The XRP lawsuit has been in the news lately. Since the newly revealed legal memos, the case attracts more attention as people wait for a verdict on the quickly developing case.
Defense attorney James K. Filan recently tweeted to the XRP community that Ripple’s company filed their Opposition to the SEC and presiding Judge Netburn’s ruling on the Deliberative Process Privilege (DPP). The SEC aims to force the company to give over the notes written by Matthew Estabrook. Estabrook is the counsel to former SEC Commissioner Elad Roisman. However, Filan notes that the SEC is only trying a “do-over” with this move.
The two memos made public were from Ripple’s initial filing from February 2012. The second memo provides a “compelling argument” that XRP tokens would not be subject to federal securities laws. The memo also outlined how the company acquired its guidance. This memo was important on the company’s recent win in the court of public opinion.
As for the notes from Estabrook, these were made during the meeting between Elad Roisman and Brad Garlinghouse back in 2018. These notes were discovered in January 2022 when Estabrook was clearing up his desk as he prepared to leave the SEC.
Before this, the company had already filed a request to force the commission to give over the Estabrook notes. This came after the SEC claimed the DPP and refused to pass these notes to the company. Ripple maintains that these notes are not protected and should be made public.
According to Ripple, the notes recorded the company’s CEO’s departure in the meeting by the SEC, which led them to believe that the SEC acknowledged the legal “purgatory” presented by the regulatory uncertainty cryptocurrencies are facing.
Ripple’s top lawyer, Stuart Alderoty, also slammed the SEC for its ‘offensive’ use of these unsealed legal memos. The Ripple General Counsel said that the SEC should have examined the Perkins Coie memoranda and used the company as an example for proactive compliance.
For now, the wider cryptocurrency space is all eyes on the case. The result of this lawsuit will set an important precedent for every other crypto token in the market, and it would affect investors’ views on these investments.