SEC vs. Ripple: Deaton Says He Can’t Wait for SEC Emails “To Be Released”
Deaton says non-XRP holders and Ripple critics will blame the SEC when the emails are released.
XRP enthusiasts continue to react to the recent court rulings on SEC’s and Ripple’s requests to seal docs related to the summary judgment motions. Recall that Judge Analisa Torres ordered the parties to file public, redacted versions of cross-motions for summary judgment and accompanying exhibits, including William Hinman’s documents.
With XRP community members expecting the release of summary judgment materials, CryptoLaw founder and pro-XRP attorney John Deaton recently noted that Ripple referenced some exhibits in its opposition and reply briefs.
As reported by The Crypto Basic, an internal SEC email, cited as Exhibit 220, conceded that “XRP does not meet all elements of the Howey Analysis and is therefore not a security.” The disclosure has further triggered the interest of the public, as several XRP enthusiasts eagerly await the public release of summary judgment materials, especially Hinman’s docs.
In a follow-up tweet, attorney Deaton said he can’t wait for “these emails” to be released. “I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat out wrong,” he stressed.
Deaton added that inquiries about what prompted the SEC vs. Ripple lawsuit would go into a higher gear once the emails are released.
I can’t wait for these emails to be released. I predict even non-XRP holders, including Ripple critics, will have to objectively say that what the SEC did is flat out wrong. The inquiry about the motive behind this lawsuit will go into a higher gear – mark my words. https://t.co/5YMPYfLS1o
— John E Deaton (@JohnEDeaton1) May 20, 2023
Growing Interests in Hinman’s Docs
Meanwhile, XRP community members are more focused on Hinman’s docs than other exhibits related to the summary judgment materials. For context, Hinman’s docs relate to a controversial 2018 speech on cryptocurrencies by former SEC Corporation Finance division director William Hinman.
The documents, which contain 58 drafts and 63 emails, involve internal deliberations and discussions around the speech among top SEC officials.
Hinman’s docs and redacted versions of summary judgment materials are scheduled to be released on June 13, 2023. However, several XRP enthusiasts expect the SEC and Ripple to settle before the deadline for the public release of Hinman’s docs.
These individuals believe the SEC would rather settle with Ripple than publicly release Hinman’s docs, as this would be detrimental to the commission’s enforcement efforts in the crypto space.
As reported earlier, attorney Deaton dispelled the settlement rumors, saying the documents would be released as scheduled. Deaton emphasized that the SEC would not have surrendered the docs to Ripple if it was planning to settle with the blockchain company.
However, many XRP community members have disagreed with Deaton’s opinions, as they maintain that both parties would settle on or before June 13.