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Ripple CEO Response to SEC Opposition Requesting for Production of EstaBrook Notes

Ripple CEO and founder Brad Garlinghouse has filed a response dismissing the Securities and Exchange Commission’s opposition seeking the disclosure of the Estabrook Notes. 

#XRPCommunity #SECGov v. #Ripple #XRP Brad Garlinghouse files response to the SEC’s opposition to Mr. Garlinghouse’s motion seeking the disclosure of notes of the November 9, 2018 meeting between former SEC Commissioner Roisman and Mr. Garlinghouse (the “Estabrook Notes”). pic.twitter.com/Zs9gF7QLGI

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 28, 2022

The Estabrook Notes is a document to the meeting between Mr Garlinghouse and a former SEC commissioner Roisman, which was held on November 9, 2018. 

The note, if provided, would corroborate Garlinghouse’s account of the discussions he had with key SEC representatives at the time regarding the regulation of crypto asset offerings in the United States, the Ripple’s letter stated. 

Garlinghouse’s Response to the SEC Opposition

Garlinghouse’s lawyers argue that the SEC’s opposition to the production of the Eastbrook note on the grounds that the Ripple co-founder was present at the meeting shows that the agency knows the evidence may not support its case. 

“With the Eastbrook Notes – also a record of a meeting between an SEC commissioner and Garlinghouse – the Securities and Exchange Commission has evidently concluded that the document does not support its case and so it is withholding it,” excerpt of the letter read.

Commenting on the recent developments, attorney Jeremy Hogan stated that the SEC’s opposition to the production of the documents shows that there is no indication that the letter is in contrast to what Garlinhouse said. 

However, if the notes are not produced, there is no guarantee that Roisman and Eastbrook would back Garlinghouse’s testimony, which could result in the Ripple founder being seen as one who lied in his testimony. 

Attorney Hogan added that should the court consider Garlinghouse to be lying, the blockchain company would file several lawsuits against the SEC, which could result in them losing DPP privilege. 

“[…] Which means that the SEC has no evidence AT ALL about the meeting but can only argue that Garlinghouse’s testimony is self-serving and… ALL testimony is self serving,” attorney Hogan, said. 

He concluded that whatever the court rules, the SEC will bear the brunt of any ruling. 

SEC Lawsuit Outcome Could Propel XRP Price

The SEC lawsuit against Ripple has taken a toll on investors since December 2020. Ripple (XRP) has suffered huge losses since the case started with the coin shredding over 50% of its value as several U.S.-based cryptocurrency exchanges halted support for the coin. 

It is widely speculated that an outcome in favor of Ripple will likely spike XRP price above its previous all-time high (ATH). 

   

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