This might be the biggest decision for XRP in Ripple-SEC case, according to John Deaton
According to the founder of Cryptolaw John Deton, Judge Sarah Netburn’s decision on an SEC reconsideration motion could be the “biggest decision” for XRP in the Ripple case. The 63 emails that include drafts and comments on Director Hinman’s lecture about ETH not being a security are the subject of the reconsideration motion.
The SEC had previously filed a move for reconsideration on behalf of the plaintiff, contending that the Hinman speech, which had previously been referred to as “personal opinion,” may now be referred to as “public guidance.”
Many were surprised by the agency’s turnaround, including the prosecutor Jeremy Hogan, who responded with a tweet: “I read it, but I can’t believe it. NOW the speech was not Hinman’s personal opinion at all, but intended to convey the Treasury Department’s position on digital assets? ! In the legal world, it’s as crazy as it gets!!”
John Deaton believes that the chances of XRP being mentioned in any of the 63 emails remain likely, although the final version of the speech discusses both Bitcoin and ETH and does not refer to XRP.
He asked emotionally, “What are the chances that XRP is not raised at all in any of the 63 emails? What are the chances that at least one person in the email chain mentioned XRP? Someone in the email chain could have asked a very reasonable question such as, “What about XRP?” “
Deaton feels that the SEC turning in the emails might be huge for XRP: ”If Judge Netburn ultimately rules that the emails must be turned over, it is HUGE. Don’ y forget, even if the SEC persuades her that the emails are covered under the DPP, she can still pierce the privilege and order the documents produced.”
Two given scenarios are presented by the founder of the crypto law. First, if Judge Netburn rules that the emails are privileged but orders the SEC to turn them over, it could suggest that XRP is mentioned and/or that the evidence is exculpatory.
Second, if Judge Netburn overturns her previous decision and determines the emails to be privileged, then the emails, though useful to Ripple, might not be as important as perceived.
“The reconsideration will be the most important decision,” says Deaton.
