In a decisive move amidst the ongoing legal battle with the Securities and Exchange Commission (SEC), blockchain payment giant Ripple is reportedly ready to foot a bill of no less than $250,000!
The Price for Transparency
This massive sum, according to renowned cryptocurrency legal expert John Deaton, would cover a meticulous review of the company’s summary judgment materials.
Deaton suggests that Ripple’s commitment of this sum would facilitate a rigorous review by a cadre of paralegals, associates, and partners. Their task would be to ensure that all redactions meet the criteria set forth by Judge Torres’ verdict. Further, they would be responsible for scrutinizing the SEC’s submissions.
Related: Ripple CEO Reveals $200M Lawsuit Expense, Slams US Crypto Policies – Coinpedia Fintech News
Yesterday saw both the SEC and Ripple’s legal team filing a joint letter, seeking an additional week to prepare public, unedited versions of cross-motions for summary judgment, as well as the corresponding exhibits. This notably includes documents relating to a speech by William Hinman. This joint request for additional time has sparked speculation about a possible resolution that may be favorable to Ripple.
The Achilles Heel: The Hinman Speech Documents
The Hinman documents have been a consistent source of vulnerability for the SEC. Their release to the public could potentially unsettle the commission’s internal ranks. Despite the SEC’s multiple efforts (seven, to be exact) to prevent these documents from public disclosure, their protective tactics were thwarted by a recent Court ruling.
Brad Garlinghouse Speaks Out
Earlier this year, Brad Garlinghouse, Ripple’s CEO, voiced his opinion on the controversy surrounding these Hinman documents. He hinted that their public disclosure might bring to light contradictions within the SEC’s internal discourse, which could further challenge the legitimacy of their case against Ripple.
Related: XRP Defies Crypto Decline as Ripple Seems to Have Upper Hand in SEC Case – Coinpedia Fintech News
In a recent interview with CNBC, Garlinghouse alluded to the ambiguous regulatory landscape in the US, which he believes might push more cryptocurrency entities to consider relocation. Ripple itself is actively exploring opportunities for hiring and investing overseas, further reinforcing this sentiment.
It appears that Ripple is going all in its fight against the SEC. Only time can tell if it will pay off.