The widely followed SEC vs Ripple lawsuit is approaching a breakthrough. After concluding SEC’s confused approach towards Hinman’s infamous Ether speech, all eyes are now on revelation of ‘Estabrook Notes’. The commission has already filed a motion for reconsideration to produce the notes in the court. The next ruling in the case will decide whether judge will deny or accept SECs motion.
Why disclosure of Estabrook Notes is crucial?
These notes are termed as the summary of the meeting between Ripple CEO and SEC commissioner before the agency filed a lawsuit against the alleged security aspect of the XRP token.
However, Ripple CEO Brad Garlinghouse in a recent interview with FOX news said, quote
“We were in the SEC’s offices, I met with chairman Clayton I was meeting with commissioners. No one ever once said hey we think XRP is a security and yes they look backward and say now we think it’s all security that’s a hard argument.”
Ripple and XRP lawyers are very sure about these notes as Garlinghouse was himself present there at the meeting. Brad and SEC both know about the impact of ‘Estabrook Notes’ in XRP Vs SEC case if they get disclosed.
Will SEC reveal Estabrook Notes?
The lawsuit has lasted for more than a year and the evidence revealed has only helped the crypto community clear out their confusions. Meanwhile, John Deaton, the attorney representing XRP holders in the case, has predicted some of the possible outcomes dropping this or next week. He believes that ‘Estabrook Note’ will be turned over in the court.
Ripple and its executives are very confident about these notes while SEC has looked hesitant. What if Judge Netburn declares to turn over both of the documents, will there be any chance that SEC will agree to settle the case instead of revelation?
Deaton believes that the SEC could attempt to dismiss the case but it would however agree to settle for something. The settlement can be spun as a victory for them but it would be a relief for XRP if this happens. Meanwhile, it cannot be done immediately as the SEC has 14 days to file an objection and an appeal to Judge Torres.
On the positive side, Deaton said claims that the Judge will not reverse the decision.
One reason I believe she will not reverse is b/c the SEC didn’t follow the local rules. You are not allowed to offer an affidavit in support of a motion for reconsideration w/o Court approval. Judge Torres’ Court is very strict w/ the rules. I know from first hand experience.😂 https://t.co/fKvB3fkbzn
— John E Deaton (@JohnEDeaton1) March 4, 2022
Rumors of XRP Vs Ripple Settlement are high after SEC chief Gary Gensler’s recent controversial interview. As reported by Coingape, while discussing SEC rules and guidelines, Gary Gensler said, quote
“SEC should learn to tale losses from time to time”
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