The Ripple Vs. SEC case will take a new direction today, as the details in the sealed memos will be published in the U.S. court today. The crypto world is patiently waiting for the Court’s revelation, which Judge Analisa said in the last hearing would be unsealed come February 17th.
The legal documents are branded as primary evidence in the Ripple vs SEC case, which has been going on since late 2020. These memos have captured the attention of the crypto world, as everyone eagerly awaits what will unfold. Everyone thinks that the revelation will further provide clarity in the case.
Hogan Provides a Hint on the Case
U.S. Attorney Jeremy Hogan didn’t hide his excitement about the case, quickly chipping in on what would happen during the publishing of the sealed documents. He said that the presiding judge would authorize the clerk to disclose the documents if no one is against unsealing the memo.
Today, Chris Larsen of Ripple wrote to the court on behalf of the crypto company, in which he explicitly stated that he doesn’t oppose unsealing the memos. However, he said that the full content of the memos should be revealed for the public to review the content as it relates to the case.
Given Mr. Larsen’s position, there’s no doubt that he and the Ripple team are waiting to hear the contents of the documents. Hogan said that news about the exhibit would probably be revealed the next day, given that the court hearing will occur at 7 pm.
The Lawsuit and Story So Far
SEC filed a lawsuit against Ripple for trading unregistered security in late December 2020. Since then, it has been back and forth, allegations and counter-allegations. Both parties have presented solid and different pieces of evidence to support their claims.
The financial regulator thinks Ripple knew about XRP being security before trading it. In its counterclaims, the crypto firm insists that the SEC is wrong about the facts, adding that the memos will prove that XRP were tokens at the time of trading.
The lawsuit has created confusion in the XRP community, especially amongst its holders. Many XRP holders’ accounts were frozen due to the lawsuit. The content of these memos will determine if Ripple is guilty or if it’s one of the witch hunts instigated by the SEC against the crypto industry.
Considering how far the case has gone, it is worth the wait to see how the final chapter unfolds. Meanwhile, the latest reports reveal that the XRP community has asked Tesla CEO Elon Musk to join Ripple in the fight against the financial regulator.
Musk has had some history with the SEC. The DOGE advocate was sued for a misleading tweet in 2018, but a $40 million agreement was reached. Recently, Musk wrote to District Judge Alison Nathan to explain the SEC’s tactics in harassing his clients.