Negative Development for XRP Case: Is the Court Changing the Verdict?
The fifth largest cryptocurrency by total market cap, XRP reacts instantly to developments in the case with price. Although there have been many developments in favor of Ripple in the ongoing lawsuit between Ripple and SEC, this situation seems to change soon.
Latest Situation in Ripple and SEC Fight
While the fight between Ripple and SEC is still ongoing, many minor issues have been resolved. Among these, it is known that the most important issue that is still not resolved is the disclosure or failure of the SEC’s internal speeches and communication to the court.
Ripple claimed that the securities decision on XRP could be influenced by the SEC’s previous decisions regarding Bitcoin and Ethereum. Under this claim, Ripple, who requested the SEC to explain the reasons for its decision on BTC and ETH, and its previous negotiations before making this decision, won this decision.
Jeremy Hogan Comments Ripple’s Situation
Although the victory was achieved, there was confusion about what the decision did and did not cover, according to the information provided by the famous lawyer Jeremy Hogan. The Ripple team claimed that the decision included internal conversations and email communications from SEC’s employees. The SEC stressed that this claim is not true.
Hogan pointed out that Judge Sarah Netburn used the phrase “some documents”, while the SEC claimed it was “nothing” and Ripple claimed “almost all”. Now, the wait is over and Netburn’s real decision on this issue has emerged. After emphasizing that the process regarding Bitcoin and Ethereum will affect the XRP case, Netburn stated that the conversations within the SEC should not be disclosed.
Lost For Ripple
Despite Ripple’s claim, Netburn’s announcement can be interpreted as a decisive victory for the SEC. Commenting on this development that did not result as Ripple wanted, Hogan emphasized that the SEC could hide some documents in this way.
In this context, the SEC will have a chance to not disclose conversations directly within the SEC that it deems unrelated to the case. Although Ripple had previously triumphed with the decision to release certain documents, the SEC’s internal speeches could provide much more important evidence.
XRP price started to decline after this decision was taken.