Match point. Accused of raising $1.3 billion without registering XRP as a security, Ripple’s imminent unseal of certain documents from 2012 will most likely shake some minds in the massive court case it’s been facing against the SEC.
Ripple’s court battle with the United States Securities and Exchange Commission has recently seen new developments that,, could foreshadow an impending resolution of this massively consequential case. Feb. 17 marks the deadline for Ripple to unseal a series of 2012 documents whose contents will likely sway the opinions of both the court and the public toward either one side or another.
While both Ripple as a company and the vociferous online community of its token’s supporters, known as the XRP Army, have been a divisive presence in the crypto space, the lawsuit’s resolution will affect the entire U.S. digital asset industry.One of the pillars of Ripple’s defense is that it simply did not know that its XRP token could be categorized as a security. The SEC, the argument goes, should have notified the company of its intentions before taking the matter to court.
If the memos clearly point to the absence of a federal law violation, Ripple’s argument will receive a massive boost. However, evidence suggesting that the firm’s executives chose to ignore their lawyers’ relevant concerns ahead of launching XRP could considerably deflate Ripple’s fair-notice argument.
Amina Hassan, litigation partner with law firm Hughes Hubbard & Reed, thinks that the fight over the scope of the commission’s deliberative privilege is even more interesting than what’s inside the 2012 memos. Hassan commented:
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