XRP lawsuit: Ripple’s critical win is even bigger than imagined – analysis
If this analysis holds true and the SEC is unable to obtain an appeal for the DPP ruling, then the relisting of XRP might happen faster than expected.
John Deaton, the attorney representing 65,000 XRP holders in the SEC v. Ripple lawsuit, has commented on the major ruling denying the SEC’s motion for reconsideration, thus reaffirming the order to produce 68 documents related to the Hinman’s 2018 speech.
While this order has been dubbed the “biggest decision in the XRP lawsuit” prior to the event, the court’s ruling might be even “bigger” than predicted. This is because of the “bullet proof section” Judge Netburn included in the court order that is expected to prevent the SEC to continue its delay tactics via an appeal to the 2nd Circuit.
This could put an end to the SEC’s delay tactics, which Ripple executives have complained about publicly and even called it “gamesmanship” in court, requesting the Judge to apply sanctions on the plaintiff.
Besides the lower probability of further delays, the order may trigger a settlement between both parties sooner rather than later. This is because many suspect the SEC will not produce its internal files, even if it costs it the whole case.
No way the DPP will be disturbed
“Judge Netburn added a bullet proof section for any appeal to the 2nd Circuit. She could’ve flat out denied the motion for reconsideration pursuant to Rule 6.3 (can’t raise new arguments you didn’t the first time). Instead, she recognized how important the DPP Doctrine is”, John Deaton explained on Twitter, adding, “She didn’t just summarily deny the motion but analyzed the SEC’s substantive DPP argument and then rejected it […] What she did was take away any argument on appeal based on how important DPP is and that this judge didn’t consider it like she should!!
“She called out the SEC for its inconsistent positions related to the speech. She said you don’t get to change your position just b/c you didn’t like the Court’s conclusion. She highlighted the inconsistency by drawing specific attention to Hinman’s “under oath” testimony”, he continued. “Any appellate court will see that the judge is honoring all privileges under the law. There is no way, IMO, Judge Torres or the 2nd Circuit disturbs Judge Netburn’s ruling.”
If this analysis holds true and the SEC is unable to obtain an appeal for the DPP ruling, the SEC v. Ripple lawsuit could end faster than expected, which would result in the relisting of XRP in the US-based exchanges and trading platforms.