Key Takeaways
- Ripple files response to the SEC’s motion for reconsideration of DPP ruling.
- The response has sparked optimism among XRP supporters.
- Ripple continues to clinch victories in the court case.
With a string of rulings favorable to Ripple, elation has been increasing that the case will soon close. XRP proponents have stated that all recent rulings in the case point to a weakening of all the SEC’s principal arguments. Ripple’s recent response to an SEC motion is also fueling the optimism.
XRP proponents cheer on Ripple
In its latest filing, Ripple responded to an SEC motion for partial reconsideration and clarification of the court’s ruling on Deliberative Process Privilege (DPP). Essentially, the SEC asked the court to permit further documents to be presented to back claims that Bill Hinman’s 2018 speech should be covered by DPP.
In their response, Ripple maintained that the SEC was only seeking a “do-over” to turn around 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,” the filing read in part.
 
 
It added that the SEC wanted a course reversal even after it had sworn that Hinman’s speech was his personal opinion. Ripple pointed out that the SEC “seems to argue the Speech should fall within an administrative twilight zone somewhere between a ‘personal view’ and ‘agency policy.’”
XRP proponents have hailed such articulate responses from Ripple’s legal team. The XRP community has also continued to point out possible compromises in the SEC’s handling of XRP and Ethereum. They argue the SEC has reached the end of the line as all evidence suggests that the commission will be unable to prove wrongdoing on the part of Ripple’s executives.
“There’s NO WAY the SEC can meet its burden. The SEC must prove the two executives had actual knowledge XRP was a security or was reckless in not knowing,” popular XRP supporter, attorney John Deaton recently said.
Deaton has also chronicled some incriminating evidence against the SEC. Deaton argues that former SEC chair, Jay Clayton, as well as Bill Hinman, had very obvious ties with key players connected to the Ethereum blockchain.
These connections had a role in engineering the SEC’s move to call XRP a security and filing a lawsuit against Ripple. Backing this, he presents several instances that show that prior to 2020, the SEC had no clarity on if XRP was a security or not.
Ripple’s recent victories in court
The latest rulings in court have been leaning in favor of Ripple. Last week, Judge Analisa Torres struck down an SEC motion to file a reply in support of a motion to strike out Ripple’s fair notice defense.
Before that, the XRP community also welcomed the unsealing of two Ripple memos. These memos clearly show that XRP was not a security as Ripple’s general counsel, Stu Alderoty stated in the aftermath of their unsealing.