Ripple and its legal battle, was a kind of rollercoaster ride. With no final meeting until judgment prevails. The arguments span many dates where the Securities and Exchange Commission failed to gather strong evidence against Ripple. Moreover, the “Privilege of Trading Operation”. The one who protects the information explaining the decision reached by the government does not need to be disclosed to others. He has setbacks for Ripple.
In the latest update, Ripple owns sought extension Time until October 08 to respond to the proposal submitted by the SEC. The agency wanted Ripple to research and produce all of the video recordings of Gardlinghouse, Larsen, and other key employees discussing the lawsuit.
However, Judge Torres gives a friend of John Deaton, a lawyer and founder of Crypto-Law.us, moreover, a supporter of XRP. Therefore, Deaton can now outline a matter of law on behalf of people in motion but cannot interfere with the action. This is one of the biggest Ripple wins that can shorten the path to success.
On the other hand, the legal notes indicated that the institution’s financing department of the Saudi Electricity Company. Explicitly working section of the implementation section, wrote a note. The note contained a legal analysis of XRP. The memo was circulated to some individuals at the Securities and Exchange Commission the day before Bill Heinman gave a speech. According to the letter, ether is not safe.
Respectively, since it is a note, it is an official statement. Which could give impetus to court hearings. Of note, one of three decisions can be made for Ripple. which is next:
- XRP is no longer a security.
- XRP is a safety component, and he wonders why the investigation was not conducted until nine months later. In the lawsuit after more than three years.
- The status of XRP is ambiguous. This will be beneficial for Ripple, because the Securities and Exchange Commission (SEC) is not ready to hand it over.
Summing up, the sail was tough for Ripple VS SEC. Moreover, the SEC has submitted an application to compel Ripple. That she had to turn in the recordings of her meetings. The light at the end of the tunnel is out of sight. Hopefully, the memo will ease positions in the legal battle.
