It’s been revealed that Stephen Palley said that the SEC lawsuit against Ripple would come to an end soon, and the firm will settle with the regulatory body.
On Twitter, the blockchain and crypto lawyer at Anderson Kill believes that Ripple’s quick answer to SEC’s complaint is showing that the payments startup wants the legal battle to come to an end swiftly.
“I wouldn’t have been surprised if they’d asked for another 30 days and then filed a nearly guaranteed to be denied motion to dismiss. But they didn’t. They answered within about a month. What does this mean? Unlike most defendants, they actually want a fast resolution.”
Palley also says that he believes the SEC has already fully laid out its case at this early stage.
“Typically in civil litigation, you don’t get the other side’s documents until the case has progressed for a while. Here, SEC has presumably gotten all of the documents during the enforcement action, which is why the original complaint is so compliant,” he explained.
Ripple says that the SEC selectively quotes from the law firm opinion letter — I suspect we’ll eventually see that as an exhibit (though maybe filed under seal). Sadly, not here. pic.twitter.com/kHQOWbKddl
— Palley (@stephendpalley) February 1, 2021
The US SEC is after Ripple for a while
He continued and said that “In other words, SEC probably has all of the ‘bad’ documents, ‘smoking guns’ already, and has included them in the lawsuit.”
In other news, you probably know by now that the SEC is after Ripple and XRP for a while; well, good news for the firm just popped up.
It’s been just revealed that former SEC executive Joseph Hall thinks there’s a strong chance the SEC loses its case against Ripple.
Hall works with the law firm Davis Polk, and he reported in a new interview on Thinking Crypto that he found the SEC case “pretty astonishing.”