Proceedings regarding the legitimacy of the XRP token will soon be over. This is due to the fact that Ripple and Chris Larsen, as co-founders, sent their statement to Analise Torres, the judge leading the trial. The letter states that they do not prevent the disclosure of all legal information related to the token. Official papers indicate that XRP is not a document of value.

Stuart Alderoti, in his capacity as the company's chief legal counsel, confirmed the information to FOX Business. He emphasized that the materials will show the results of the analysis conducted in 2012, which indicates that the token is not an investment contract. The speech expressed bewilderment at the fact of XRP turnover in the global market, and the hope that the information would be made public.

Reaction of the other side

The SEC responded by arranging an appeal filed with Sarah Netburn (Judge of the World). The statement was about a request for clarification of her conclusion, and a request to change the verdict on the privilege of the consultative process (DPP).

Deliberative process privilege is a legal order that allows the SEC not to testify and not release official papers, citing the privacy of information and primary sources.

Sarah Netburn in January 2022 ordered the commissioner to send Ripple a speech by William Hinman (former head of corporate finance). The letter contained a statement regarding Ethereum as a document of no value.

In its petition, the SEC operates on the ex-director's submission of information based not on his own opinion, but on the submission of data based on the position of the finance department. Based on this, the application falls under the DPP. This petition shook the position of Ripple in the eyes of the Commission.

What dictated the actions of the SEC

The SEC's careful suppression of recordings of William Hinman's speech is seen by the community as a suggestion to correct the data in a material way. This is due to the fact that initially it was said about the XRP token, which does not carry investment value.

Early information

Deaton Law Firm, in December last year, issued a statement that the SEC has a special interest in Ethereum than in XRP. The Fox Business media channel, in turn, made public the proceedings and the extent of the investigation. The conclusions of journalists regarding the employees of the party that filed the lawsuit and their connection with Ethereum were expressed. Empower Oversight, as an independent agency, indicated in 2021 a potential conflict of interest between SEC governors.