LONDON, United Kingdom – XRP and the Securities and Exchange Commission continue their back-and-forth replies. If you remember, the Ripple Labs team sent their reply to the attorney-client privilege request over Hinman’s documents last May 13th, and now, it is time for the SEC to reply to the numerous questions and arguments raised by the defence side. The Ripple defence team also requested a motion to compel regarding the requests for admission.
This move is a big one for Ripple and could even land them to victory should all the approval go on their side. The motion is that the Ripple team’s documents related to this request will not go over seven pages and will be filed within ten business days.
Since the Ripple team filed a request for admission, the Securities and Exchange Commission would need to file many answers on many fronts. It might include answers to the offshore sales of the XRP in line with the fair notice defence and if the ledger of the defendant’s side was properly functioning when these sales happened in 2013.
This request for admission might merit a big gain for the Ripple team as the case is viewed as “circumstantial”. The Securities and Exchange Commission might argue their way, saying that Ripple sold their assets to retail buyers as if there was an investment contract. With this information, the SEC might also need to admit that no in-writing states an investment contract was formed. Another route they can take is looking through all documents and contract to see if there is something that links Ripple to people who purchased the altcoin in Coinbase in 2021.
Is it an absolute win for XRP? No. But it might be hard for the SEC to win, either.