Elon Musk has become involved in the Ripple versus SEC lawsuit to some extent, with updates regarding XRP Ripple emerging over the past 48 hours. One of the main aspects of the suit is how the SEC treated Ethereum, Bitcoin, and potentially XRP in the past. The Hinman documents, which consist of internal SEC emails and drafts of the important speech Hinman gave in 2018, are now available to Ripple’s defense team. Brad Garlinghouse has accused the SEC of lacking transparency and Elon Musk has also made his opinions known. It is unlikely that the suit will settle soon, particularly now that the Hinman documents are available to Ripple.
Updates on Ripple V SEC Lawsuit Involving Elon Musk
In the past 48 hours, there has been some crazy updates regarding Ripple (XRP) and the SEC lawsuit. One of the most crucial parts in the Ripple versus SEC lawsuit has been to understand exactly how the SEC treated Ethereum, Bitcoin, and potentially XRP in the past. The battle between Ripple and SEC has been ongoing for over 18 months and has received six court orders. This battle is centered around whether or not the SEC gave Ripple Fair notice about its regulatory status.
The Hinman Documents have been one of the most important pieces of evidence that Ripple has been fighting for to prove that the SEC had already made up its mind about crypto regulations before going after Ripple. These documents are internal SEC emails and drafts of William Hinman’s Infamous 2018 speech. Ripple questions whether or not they had Fair notice, and if it comes out that in the documents the SEC discussed XRP or something relating XRP to Bitcoin or Ethereum in a non-security capacity, then that’s going to be really important for the defense on Fair notice.
Finally, after six court orders, the Hinman Documents are now in the Ripple camp. Even though this evidence is a precious piece, it is still remaining confidential, and the SEC is blocking its publication to the public. Rumors circulating on social media suggest that Elon Musk has also gotten involved in the Ripple V SEC lawsuit.
Many believe that if Ripple were to settle, it would most likely be before handing these emails over to Ripple. The fact that Ripple has seen the Hinman Documents now and can potentially use them in court is not good news for the SEC side. Therefore, it is more logical that the fact that these emails are out there right now, Ripple, is more comfortable to settle.
In conclusion, the legal battle between Ripple and the SEC is far from over, and until these documents are disclosed or agreed on, we can expect more volatility in XRP prices. Meanwhile, we can only wait and see what direction this case takes.