Ripple’s fight over XRP with the United States Securities and Exchange Commission has recently experienced new developments that, according to legal experts, could foreshadow the utter defeat of the securities watchdog.
Game Over For SEC?
In another plot twist, Ripple has filed a response to the SEC’s opposition to an earlier motion by Ripple seeking the release of the notes of the November 9, 2018 meeting between the payments firm’s CEO Brad Garlinghouse and former SEC Commissioner Elad Roisman.
Defense lawyer James K. Filan says Ripple’s defense could receive a massive boost if these notes are produced. This is because they could corroborate Garlinghouse’s testimony where he said he left the 2018 meeting with a strong conviction that XRP sales didn’t constitute an unregistered securities offering.
The SEC previously opposed the motion asking it to hand over the “Estabrook” notes to Ripple, claiming they are protected by deliberative process privilege. Nonetheless, the regulator turned the notes over to Magistrate Judge Sarah Netburn for her to review on camera.
Jeremy Hogan, a partner at law firm Hogan & Hogan, has shared the possible outcomes surrounding the latest development if the case goes to trial, concluding that “whatever the Judge rules, the SEC is already dead here.”
Is Settlement Still Possible In The XRP Lawsuit?
After being postponed multiple times, there were high expectations for the conclusion of the expert discovery. Much to the delight of XRP investors, the expert discovery was wrapped up on February 28.
Attorney Hogan recently revealed that an hour-long settlement discussion took place a few months ago. However, Ripple chose to continue with the legal fistfight rather than go for a settlement.
But, settlement is still on the table. Hogan noted that the next settlement timeframe will be at mediation, which will be hosted by Judge Netburn. This could be in April or May after the judge has ruled on the motions to strike.
When asked whether the judge could highly recommend the SEC to settle with Ripple since she has essentially seen all Ether and XRP documents, Hogan said if he’s right that the SEC is the problem in this case it could make a huge difference.
If a settlement happens in April-May, the legal expert expects summary judgment around September.