The SEC claims that Ripple was advised in 2012 that XRP would be deemed

If the memos clearly point to the absence of a federal law violation, Ripple's argument will receive a huge boost. However, the evidence suggests that the firm's executives chose to ignore the relevant concerns of their lawyers before launching XRP, which could significantly reduce Ripple's fair-notice argument.

District Judge Analisa Torres. Source: Columbia Law School
The company, however, saw William Heinmann's speech at the Yahoo Finance All Markets Summit in June 2018 as a notice to market participants about what the commission does and does not consider. A security regulator claimed that the comments reflected Heinmann's personal position rather than the agency's.

In a thriller plot twist, Judge Torres instructed the SEC to unsubscribe staff notes related to email communications and Heinmann's speech - an order that the commission has disputed. If the order stands, it could change the way executives practice a policy known as intentional privilege.