SEC v. Ripple: Lawyer representing 64K XRP holders tries to predict SEC’s next move
The court order to unseal three sets of documents in the SEC v. Ripple case was like opening a Pandora’s box as the XRP community tried to catch up with what the evidence could mean. The three documents were Ripple CEO Brad Garlinghouse’s deposition notice, Ripple Executive Chairman Chris Larsen’s email string, and Garlinghouse’s email string.
Now, popular crypto-lawyer John Deaton, representing more than 64,000 XRP-holders in the case, has shared his take.
Speaking about Garlinghouse and Larsen’s largely private emails, Deaton stated,
“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.”
Calling the unsealed emails and legal notes “barely relevant,” the lawyer further wondered whether the SEC would try to claim that it was Ripple which created XRP’s secondary market. He stated that the SEC might try this if it has trouble proving that Garlinghouse and Larsen sold XRP in the USA.
However, it is important to note how Deaton claimed that despite his amicus counsel or ‘friend of the court’ status, he had not been shown the unsealed documents.
Attorney Jeremy Hogan also took a stab at analyzing the two sets of emails from a legal perspective. In particular, he pointed out that the SEC might use some written material to try and prove that Ripple’s execs had plans to boost the price of XRP. However, Hogan stressed that due to the private nature of the emails, this would be a difficult line of debate for the SEC to hold.
Like Deaton, Hogan also noted how the materials seemed to emphasize on the degree of separation between Ripple as a company and individual XRP holders.
Furthermore,
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