The judge specifically ruled #Bitcoin #Ether and #XRP internal documents relevant for two reasons: 1) the Court’s Howey analysis of #XRP: and, 2) Ripple’s fair notice defense. If the Court or a jury concludes #XRP is substantially similar to #BTC or #ETH, fair notice could win.
https://twitter.com/digitalassetbuy/status/1470039269364449290
To fight the fair notice defense, the SEC makes the silly argument that Hinman’s speech was only his personal opinion - no matter how absurd and far from the truth it is. They’re making this absurd argument because they are banking on the internal documents being privileged.
There’s an internal memo analyzing #XRP, dated June 13, 2018 - one day before the Hinman Ether free pass speech. I’m speculating, but I predict the #XRP Memo helps Ripple. The judge has twice ruled these documents relevant and must be produced subject to any privilege claims.
She could do one of three things: 1) rule all the documents privileged; 2) rule the documents not privileged; 3) rule the documents privileged but, under the law, Ripple has met the test allowing the Court to overrule the privilege.
The Judge could split the baby and order the production of some documents while ruling some of the documents remain privileged. The motion to strike the fair notice defense and the decision on privilege are without question the two most significant decisions in this case.
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