XRP community continues to be hopeful of a favorable verdict once Judge Analisa Torres finally passes her final judgment on the ongoing lawsuit between Ripple, the US-based cross-border payments firm, and the United States Securities and Exchange Commission (SEC).
Although the community remains hopeful, it remains uncertain where the lawsuit is heading. Despite the uncertainty, legal experts remain optimistic, believing that Ripple and its top executives have a defense strong enough to make the SEC lose the protracted litigation.
Read Also: John Deaton: Ripple Selling XRP as an Investment Contract Does Not Make XRP a Security
Hinman Documents Make It Hard for SEC
John Deaton, the lawyer representing over 75,000 XRP holders, who founded Crypto Law, recently avered that the Hinman Documents, which were recently released to the public, have it difficult for the SEC to prove its case against Ripple’s top executives, Brad Garlinghouse, and Chris Larsen.
It can be recalled that alongside Ripple in December 2020, the SEC sued Larsen and Garlinghouse for allegedly selling XRP as an unregistered security. The regulator also accused the executives of being reckless in XRP distribution.
In a contrary claim during a new interview with the host of Thinking Crypto Tony Edward, Attorney Deaton said the release of Hinman documents has made it difficult for the SEC to prove that the accused executives were reckless in distributing XRP.
With the recently released Hinman Docs, the SEC cannot argue that @bgarlinghouse and @chrislarsensf were reckless.
“How in the world can the SEC prove that case? They can’t.” pic.twitter.com/ZiMzYFfOx1
— CryptoLaw (@CryptoLawUS) July 12, 2023
Read Also: Attorney John Deaton Looks Forward to XRP at $10 Price Once Ripple-SEC Lawsuit Ends
Why It’s Hard for SEC to Win against Ripple Executives
According to the pro-XRP lawyer, the SEC indirectly suggests that Garlinghouse and Larsen are supposed to know that XRP is a security without providing clarity before filing the case.
Additionally, Deaton questioned how the SEC wants to prove its case when a top SEC official presented a contrary opinion prior to the drafting of the Hinman speech back in 2018. The SEC official was of the opinion that the speech could cause confusion in the long run.
Also, Deaton stated that Hinman documents could become a tool if the Judge allows Ripple to argue its right for fair notice.
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