Ripple’s response sparked optimism among XRP supporters, continues to clinch victories in court case
With a flurry of rulings in Ripple’s favor, excitement is growing that the case will be over soon. XRP advocates have stated that all of the recent rulings, in this case, point to a weakening of all the major arguments of the SEC. Ripple’s recent reaction to an SEC move is also fueling optimism.
XRP army asserts “game over for SEC” as Ripple continues to clinch victories in legal battle
In its latest filing, Ripple responded to the SEC’s request for a partial review and clarification of the court’s ruling on Intentional Privilege in Process (DPP). Essentially, the SEC asked the court for permission to produce more documents to support claims that Bill Hinman’s 2018 speech should be covered by the DPP.
In their response, Ripple asserted that the SEC was just looking to “do it” to change the court’s previous decision.
“The SEC’s Motion is an inappropriate attempt at a do-over simply because it is unhappy with the Court’s order on its prior briefing,” reads one part of the filing.
It added that the SEC wanted to reverse course even though it had sworn that Hinman’s speech was his personal opinion. Ripple pointed out that the SEC “seems to believe that the Speech should be in an administrative dispute somewhere between ‘personal opinion’ and ‘agency policy’.”
XRP proponents have praised such clear responses from Ripple’s legal team. The XRP community has also continued to point to possible compromises in the SEC’s handling of XRP and Ethereum. They argued that the SEC had reached the end of the line because all evidence suggested that the commission would not be able to prove the wrongdoing of Ripple executives.
“There’s NO WAY the SEC can meet its burden. The SEC must prove the two executives had actual knowledge XRP was security or was reckless in not knowing,” popular XRP supporter, attorney John Deaton recently said.
Deaton also recorded some incriminating evidence against the SEC. Deaton argues that former SEC chairman Jay Clayton, as well as Bill Hinman, have a very clear relationship with the key players connected to Ethereum.
These connections played a role in designing the SEC’s move to call XRP security and file a lawsuit against Ripple. Backing this up, he presents several cases showing that prior to 2020, the SEC was not clear whether XRP was a security.
— Digital Asset Investor (@digitalassetbuy) February 23, 2022
The latest court rulings have tilted in favor of Ripple. Last week, judge Analisa Torres challenged an SEC request to submit a response in favor of a proposal to protect Ripple’s fair notification.
Prior to that, the XRP community also welcomed the unsealing of two Ripple memos. These memos make it clear that XRP is not a security as Ripple’s general counsel, Stu Alderoty stated in the aftermath of their unsealing.
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