There are plenty of reasons to remain optimistic. The SEC’s Hinman documents could quickly turn the case in favor of Ripple and trigger a quick settlement.
Ripple Labs is reportedly taking the entire 130,000-square-foot building at 600 Battery St. in the Jackson Square neighborhood, in San Franscico, California.
The move comes as Ripple remains pressured by the infamous SEC v. Ripple case as the securities regulator claims XRP is a security and that Ripple and its individual defendants marketed and sold XRP without registering with the SEC.
Ripple has decided to contest the SEC’s view by arguing that the SEC has not provided fair notice that XRP could be considered a security and that there was no reckless behavior from executives Brad Garlinghouse and Chris Larsen.
MOVING OUTSIDE THE US? DOESN’T SEEM SO
Chief executive Garlinghouse has previously warned that Ripple could move abroad if the lawsuit with the SEC goes south as there are plenty of jurisdictions that are more welcoming of digital asset firms, providing them with regulatory clarity unlike in the United States.
“We can’t keep saying it is clear and then trying to make it clear through enforcement. You see other G20 markets like the UK, like Japan, like Switzerland, like Singapore who have been proactive and engaged. And that has helped these markets thrive in those countries. If the U.S. wants to be a leader in this space, then we need to provide that clarity and not act like there is clarity”, he said in August, adding that Ripple has already moved outside the US, to some degree.
On the other hand, taking an entire 130,000-square-foot building in San Francisco tells another story. “Seeing as most commercial leases are 5 years, this does not seem the hallmark of a company that is planning to relocate its headquarters”, said attorney Jeremy Hogan, who has been commenting on the SEC v. Ripple lawsuit since the beginning.
XRP LAWSUIT CLOSER TO AN END
The SEC v. Ripple has entered a new chapter, with the summary judgment schedule being determined by Judge Analisa Torres. The surprise is that the court wants to get things done quicker than proposed by the parties.
This is positive news for the public that wants this resolved as soon as possible, namely for regulatory clarity and for the delisting of XRP.
The Hinman documents remain virtually the only thing in the way, but it increasingly appears that the court will no longer stand for further delays. The SEC’s attorney-client privilege claim seems to be the plaintiff’s last change to keep the emails from being handed over to Ripple.
These documents are widely expected to turn the case completely over to Ripple, with a quick settlement being a possible outcome and, thus, ending the case before summary judgment.