Ripple agrees to disclose XRP status documents

Ripple and co-founder Chris Larsen, in a letter addressed to Judge Analisa Torres stated that they “do not object to full disclosure of the legal memos.” The documents show that the XRP token was not treated as a security, said Stewart Alderoti, the company’s chief legal officer, in an interview with FOX Business.

analysis — while XRP traded in a massive global market — is baffling. We look forward to the public having access to these documents as we continue to vigorously defend this case.”

— Eleanor Terrett (@EleanorTerrett) February 17, 2022

“When these documents are released, they will show that in 2012 Ripple received legal analysis indicating that XRP is not an investment contract. The fact that the SEC took eight years to voice disagreement with that analysis, while XRP traded in a global market, is perplexing. We hope the public will have access to these documents,” said Alderoti.

In January 2022, Netburn ordered the regulator to hand over Ripple an email containing the draft speech by former director of the regulator’s Office of Corporate Finance, William Hinman, in which he stated that Ethereum is not a security.

In the new motion, the SEC contends that Hinman voiced the position of the Office of Corporate Finance, not his personal view. This means that the drafts fall under the DPP.

“These materials reflect the same type of internal strategic debates as discussions related to public statements by the SEC officials, which the court has already deemed protected by the DPP,” the SEC said.

Lawyer Jeremy Hogan noted that after this request the Commission’s position in the Ripple case has been shaken.

I’m reading it, but can’t quite believe it.

NOW the speech wasn’t Hinman’s personal opinion at all, but intended to convey the Dept. Of Corp Finance’s position on digital assets?!

In the legal world, this is as crazy as it gets. The Ripple lawyers must be chomping at the bit!! pic.twitter.com/F3dtD9sN8p

— Jeremy Hogan (@attorneyjeremy1) February 18, 2022

“I’m reading it, but I can’t quite believe it. It turns out the speech wasn’t Hinman’s personal opinion at all, but was meant to convey the Office of the Corporate Finance’s position on digital assets. In the legal world, this is simply crazy. Ripple’s lawyers must be chomping at the bit,” he wrote.

In the community, it was suggested that the reason the SEC is so keen to hide Hinman’s speech drafts is due to significant revisions. In the original version, it might have stated that XRP was not considered a security.

Given the motion shows there were significant revisions of the speech I am starting to wonder whether the reason the @SECGov is so anxious not to disclose is because one of the earlier drafts mentioned #XRP not being a security by 2018 because it had become decentralised

— bill (@Belisarius2020) February 18, 2022

Earlier, in December 2021, the Deaton Law Firm said that the SEC showed greater loyalty to Ethereum than to the XRP token.

Earlier, Fox Business published a sweeping investigation into the SEC’s case against Ripple. Journalists concluded that the staff behind filing the suit could have been affiliated with Ethereum.

In August 2021, Empower Oversight pointed to a potential conflict of interest in the actions of former senior SEC officials.

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