SEC Vs. Ripple: Why Does The Watchdog Want ‘Estabrook Notes’ Removed From The Lawsuit?

The legal tussle between the US Securities and Exchange Commission (SEC) and Ripple has reached a critical juncture. According to reports, Ripple wants to reveal all proofs and events linked to the lawsuit while the Commission is attempting to postpone the verdict. The Chief Executive of Ripple, Brad Garlinghouse, responded in court to the SEC’s challenge to release the ‘Estabrook Notes.’

The ‘Estabrook Notes’ have piqued the curiosity of every crypto enthusiast and XRP holder after the disclosure of two official documentation from 2012. Whatever occurs next in the lawsuit will shape the destiny of the XRP coin and have an impact on other cryptocurrencies.

The Opinion Of Garlinghouse

The ‘Estabrook Notes’ are records of a discussion held on the 9th of November, 2018, between the Commissioner of SEC, Roisman, and the Chief executive of Ripple. The notes contain sensitive information from the discussion about the structure of XRP coins.

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Garlinghouse is highly confident of the notes because he was part of this meeting and knows that what was spoken there would undoubtedly benefit his company. The meeting minutes will surely support his description of the discussion with the ex-Commissioner of SEC concerning regulating digital currencies.

Reason The Regulatory Body Wants The ‘Estabrook Notes’ Removed

The Commission has previously charged Garlinghouse with recklessly allowing the selling of unlicensed securities while knowing the characteristics of XRP. On the other hand, the SEC has attempted to correlate the Estabrook Notes with its SBI Notes. The SBI Notes were recorded in 2019 during a meeting between Commissioner Pierce and Ripple.

According to the petition, no other relevant evidence exists to verify Garlinghouse’s account of the encounter with ex-Commissioner Roisman. This, too, separates the SBI Notes, which the watchdog referred to as the existence of alternative evidence, which is SBI’s remembrance of the said meeting, the petition stated.

Mr. Garlinghouse’s motion implies that disclosing the contents of the Estabrook Notes will interfere with the Commission’s regulation process. Also, the SEC will lose its allegation that the objective of these notes was for Mr. Estabrook to advise past Commissioner of SEC, Roisman, on a prospective proposal for regulating digital currencies. Hopefully, a verdict would be reached in the coming months that will bring the case to an end.

However, the XRP’s price appears to be gaining from the market’s strong performance. It is now up by about 7% in the last 24 hours and 13% in the previous week. Presently, it is trading at $0.776 with a market cap of over $37.2 billion. The XRP appears to be untouched by the SEC action or foreign concerns.

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