XRP lawsuit: A look at evidence against Ripple as survival of Fair Notice looms

Rick Steves

The SEC’s evidence against Ripple is being disclosed to the public and analyzed by attorney Jeremy Hogan as Magistrate Analisa Torres prepares key rulings very soon, including on whether the Fair Notice defense survives.

This week, the SEC v. Ripple lawsuit saw Judge Analisa Torres back in the game by ruling mostly against a Ripple motion to seal exhibits. The move, however, was deemed as a “great sign” for XRP holders and the defendants.

Jeremy Hogan, one of the popular attorneys friendly with the XRP community, shared a video in which he analyzes the SEC’s evidence against Ripple and explains his excitement regarding the takeover by Magistrate Torres.

“The common law of public access to judicial documents is firmly rooted in our nation’s history. This presumption of access is based on the need for federal courts to have a measure of accountability and for the public to have confidence in the administration of justice”, the court argued in favor of public disclosure of the evidence against Ripple.

“Her order will let us see many of the documents that will take place on February 17 and we have access to three pieces of actual evidence that we can look at”, Jeremy Hogan commented, pointing that evidence 179-4 and 179-5 are very important for the SEC.

“Not all that bad for Ripple”

As to 179-4, a couple of paragraphs could hurt the Ripple case as Brad Garlinghouse told employees about XRP holders’ expectations in regard to the price of XRP and Ripple’s power over the digital asset.

“Despite a proven track record of being good stewards of XRP, we had continued to hear concerns in the market that Ripple could (hypothetically) sell our 61 billion XRP at any time – a scenario that would certainly be bad for Ripple! So with the decision to lock up 55 billion XRP in escrow, we have given investors a predictable supply schedule and removed what skeptics have suggested has been a barrier to broader XRP adoption.”

Jeremy Hogan read the piece of evidence and found that Ripple does seem to put a lot of thought and effort into the XRP’s price and the use of the word ‘investors’ is unfortunate.

“It’s not all that bad for Ripple as it was sent only to Ripple employees and the issue was whether XRP purchasers expect Ripple to increase the price of XRP. XRP Holders back in 2017 never saw this email”, he added.

As to 179-5: In this document, Chris Larsen responds to an XRP holder about the impact of Ripple’s business expansion on the price of XRP. The SEC might want to use the evidence to support its claim that Ripple sold XRP as a security.

“The strategy of focusing on connecting banks serves both emerging trends – the more banks connect thru Ripple Connect and ILP, the more demand we should see for XRP as an asset to reduce liquidity costs.”

Jeremy Hogan read the piece of evidence and found that it is “simply a factual statement that the price of XRP will increase as more banks use Ripple products. There’s no promise of a price increase in this answer at all.”

“These will be the SEC’s evidence that XRP purchasers were relying on Ripple to increase XRP’s price. I just hope for the SEC that they have more and better evidence than these two documents”, Hogan said.

As to Judge Analisa Torres, now that she is back in business, Jeremy Hogan believes we’ll get a ruling on three dispositive motions very soon, including the long awaited and key ruling on whether the fair notice defense survives.

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<