In the recent turns of events, District Judge Analisa Torres unsealed three sets of documents in the SEC vs Ripple case. This move has awakened interest among the XRP investors as the XRP’s 24-hour trading volume saw a surge of more than 100%.
The three documents were the notice of Brad Garlinghouse’s deposition in the SEC formal investigation, a Chris Larsen email string, and a Brad Garlinghouse’s email string.
What’s next in Ripple Lawsuit?
Opening these three unsealed sets of documents in the case was like doing the Schrödinger’s cat experiment. However, famous crypto-lawyer John Deaton, who is representing more than 64,000 XRP-holders in the case, shared his take over the SEC’s next two potential moves from here.
John Deaton took to Twitter and wrote, @bgarlinghouse and @chrislarsensf ’s emails or legal were not made public. It will be near impossible to prove any real correlation between #XRP’s price and public announcements by @Ripple (ie partnerships). The SEC must also prove Garlinghouse and Larsen sold #XRP in the USA.
@bgarlinghouse and @chrislarsensf’s emails or legal 📝 were not made public. It will be near impossible to prove any real correlation between #XRP’s price and public announcements by @Ripple (ie partnerships). The SEC must also prove Garlinghouse and Larsen sold #XRP in the USA.
— John E Deaton (@JohnEDeaton1) February 6, 2022
In reality, the SEC’s case may be so weak and desperate that it believes the only way to win is to prove that #XRP itself is a security per se. The SEC, in essence, is asserting a “but for” theory in this case, he added
Deaton stated that Judge Torres, herself, recognized this broad over encompassing theory made by the SEC.
Judge Torres, herself, recognized this broad over encompassing theory made by the SEC. see 👇 pic.twitter.com/KHUDP1Ke9Y
— John E Deaton (@JohnEDeaton1) February 6, 2022
Crypto lawyer also added that, If the SEC has difficulty proving Garlinghouse and Larsen sold #XRP w/in the jurisdiction of the United States and the quality of evidence against Ripple and it’s executives are represented in these two emails – the SEC might just believe it’s best theory is the “but for” theory.
XRP Price update: 24-hr trading volume jumps up by 100%
After this incident, XRP’s 24-hour trading volume has witnessed a whopping surge of 100%. The coin’s 24-hour trading volume stands at $2,436,472,931 with the total market cap of $36,245,462,541.
Meanwhile, XRP’s price has jumped by 13% and is trading at $0.757, at the press time. However, the coin has recorded a gain of 28% in the last 7 days.
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