Key Takeaways: The XRP lawsuit by the SEC is coming close to a conclusion with Judge Sarah Netburn ordering a conference call on June 7, 2022, to finally conclude the matter. The court overseeing the XRP Lawsuit has demanded that the legal representatives of the SEC produce the evidence related to Himan's speech to see whether it is covered under attorney/client privilege.
On September 19, 2022, Ripple Labs has followed up and filed a motion for summary judgement as they still not have received word from the SEC.
Table of Contents
XRP vs SEC Lawsuit Background
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, alleging that the company had sold $1.3 billion worth of XRP tokens without registering them as securities. The SEC also alleged that Ripple's co-founder Brad Garlinghouse had sold $150 million worth of XRP while knowing that the SEC was about to file suit.
Ripple has denied all of the SEC's allegations, and the case is still ongoing. However, there have been some major developments such as the Hinman notes in the case recently. Public legal commentators believe that XRP is currently winning its lawsuit against the SEC.
What are the Hinman Notes in XRP Lawsuit with SEC?
The Hinman notes are a set of documents related to a speech given by then-SEC Chair Jay Clayton in 2018. In the speech, Clayton said that Ethereum (ETH) was not a security, but did not give a definitive answer on XRP.
However, the Hinman notes were released as part of Ripple's court case against the SEC, and they appear to show that Clayton was considering classifying XRP as a non-security.
This is a major development in the case, as it shows that the SEC may have no grounds to classify XRP as a security.
What's Next in the XRP Lawsuit?
Time seems to be running out for the SEC to produce conclusive evidence that Ripple (XRP) is a security. The SEC legal team has delayed production of evidence for too long which is frustrating the current Judge overseeing the matter, her honor Judge Sarah Netburn.
It is expected that a decision with respect to the evidence around the Hinman notes will conclude by Q4 2022.
XRP Price Live (USD)
The chart below is the live price of XRP in US Dollars (USD). Watch the price in realtime as the XRP vs SEC lawsuit progresses.
XRP (Ripple) is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. Ripple was released in 2012 and co-founded by Chris Larsen and Jed McCaleb. The coin for the cryptocurrency is premined and labeled XRP.
XRP can be stored in various wallets, including the Ledger Nano S and Ledger Blue hardware wallets. The XRP token is used to facilitate transactions on the Ripple network.
Ripple is different from other cryptocurrencies, such as Bitcoin and Ethereum, in several respects. Firstly, Ripple is not mined like other coins. Secondly, XRP can be used to facilitate transactions in any currency, whether it be fiat currency, cryptocurrency, or even commodities.
The Ripple network is currently being used by major financial institutions such as banks and money transfer companies. The aim of Ripple is to provide a global, real-time payment system that is secure, efficient, and cost-effective.