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Why Monday could be crucial for Ripple



 The legal battle between Ripple and the Securities and Exchange Commission (SEC), which has been going on for 20 months, is nearing its end. Monday could be an extremely important day for the outcome of the lawsuit.


Jeremy Hogan, an attorney in the XRP community, has shared some very insightful thoughts on the Ripple-SEC litigation. Both parties yesterday filed sealed letters of reply to each other's motions for summary judgment in court, he explains.


These should remain secret from the public until Monday. A few hours ago, however, the financial technology company already published its 89-page reply letter. And there's a surprise!


Ripple does not invoke fair notice defense, but rather argues that fair notice defense is a factual issue that should be tried by a jury. Additionally, Hogan commented via Twitter that Ripple's attorneys refer to the case as: Revak v. SEC Realty Corp. "This is a 2nd Circuit Court of Appeals case and a BINDING authority," Hogan continued:


The briefs were supposed to be released next Monday, but last month the SEC ignored that deadline and filed its briefs a day early. So keep an eye out for the briefs coming out Sunday or Monday... After that there's just one more briefing on November 15th and then we're basically done!


In the court document, Ripple further argues that in its motion for summary judgment, the SEC must demonstrate that “no genuine dispute of fact exists and all reasonable conclusions must be drawn in favor of [defendants].


To that extent, according to Ripple's attorneys, "summary judgment must be denied" as the SEC has not provided evidence to support each element of its claims.


A small victory for Ripple

Ripple was able to win an important partial victory against the SEC yesterday. As announced by Ripple's General Counsel Stuart Alderoty, the blockchain company has finally obtained the internal documents related to the infamous 2018 "Hinman speech".


In it, William Hinman, then director of the SEC's Division of Corporation Finance, stated that both Bitcoin and Ethereum are not securities.


With the handover to Ripple, the SEC complied with the court order after a long delay. However, the documents remain sealed to the public. Alderoty shared this via Twitter and celebrated the release as a win:


Over 18 months and 6 court orders later, we finally have the Hinman documents (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC's insistence), I can say that the fight over them was worth it.


I've always felt good about our legal arguments, and now I feel even better. I've always had a bad feeling about the SEC's tactics, and now I feel even worse about it.


Ripple Labs CEO Brad Garlinghouse added:


The SEC wants you to believe they care about disclosure, transparency and clarity. Don't believe her. When the truth finally comes out, the shamelessness of their behavior will shock you.


That all sounds extremely promising. While Ripple's price has seen little gain over the past 20 months due to the lawsuit, a win could mean old partners (who ended their partnership with Ripple due to the lawsuit) coming back. Ripple and its coin XRP could find their former glory again. We are looking forward to the verdict and will keep you posted.

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