The SEC v. Ripple case saw massive developments in the last few days. The recent unsealing of Ripple’s 2012 memos brought more information regarding XRP’s status a decade ago. Now, the lawsuit is expected to go full steam as both sides are gearing up for another battle in the days ahead.
According to XRP Holder’s attorney, John Deaton, Judge Sarah Netburn will soon deal with the biggest decision in the Case. Like most people watching the Case know, the Magistrate recently ruled on the deliberative process privilege (DPP), giving several wins for Ripple. These were enough to be considered a favorable result for the defendant and the company’s token holders. Notably, Bill Hinman’s speech was not found as privileged, as well as related notes and drafts.
The SEC subsequently filed a motion for reconsideration as the Case’s plaintiff. The commission argued that a “personal opinion” before is now being treated as “public guidance”. This sudden turn shocked many, but Judge Sarah Netburn’s decision will be the final word on the matter.
John Deaton, representing more than 65,000 XRP holders in the SEC v. Ripple case, commented that the next ruling will be the biggest yet. He further points out how critical this will be for the outcome of the lawsuit that has gone for several years now.
The attorney added that the motion for reconsideration’s decision would be big. He says that he doesn’t believe that the motion to strike for Fair Notice Defense is significant as the Judge will not be deciding whether Ripple had Fair Notice, but only whether or not the company can argue it.
The motion to reconsider related to 63 emails with drafts and comments regarding the Hinman speech. If the judge rules that these emails are privileged, the SEC is ordered to produce them, and that XRP is found exculpatory, it will be big for Ripple.