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- Ripple lawsuit’s next update seems will come a little later than expected
- The Court of Appeal has granted both parties’ request to move the expert deposition from January 14 to January 19, 2022
- The US SEC claims that they are privileged, although they are yet to make an official declaration on BTC or ETH
Ripple and the United Securities and Exchange Commission (SEC) write letters of the brief when the world is preparing for Christmas. It seems that the next update regarding the lawsuit will come a little later than expected. Indeed, the Court of Appeal has granted both parties’ request to move the expert deposition from January 14 to January 19, 2022. As many are concerned for the reason to do so, it is known that the case has been reported to be scheduling conflicts. Meanwhile, crypto-lawyer John Deaton, who is representing the interests of thousands of XRP holders, has shared some views.
SEC refuses to turn any crypto-related documents
Deaton has recently come public with Patrick Bet-David to speak on the Ripple and SEC case. Notably, the crypto-lawyer first helped the viewers catch up with the lawsuit’s proceedings and reminded them of the arguments related to the financial regulator’s deliberative process privilege or an agency’s right to shield documents linked with the decision-making processes.
According to Deaton, the internal filings at the SEC include documents of digital assets like Bitcoin and Ethereum. The regulator also has a document dated June 13, 2018, on evaluating Ripple’s native crypto token XRP. Moreover, the document also argues whether XRP should be considered as security. Notably, the US SEC has refused to turn any of these filings over.
The US SEC claims that they are privileged, although they are yet to make an official declaration on BTC or ETH.
How would the case end?
Deaton also disagreed with the idea that Ripple and XRP holders were working together. He further explained that Ripple Labs could tap out at some point, citing that it would go with a particular designation, as it cannot only sell to accredited investors currently. Although there are ways to get around the following, several things are yet to happen. The lawsuit might settle because of a ruling that comes down, or the case would go to a verdict.
SEC continues to protect all its documents
Furthermore, Deaton highlighted that there was a previous lawsuit, one where a court ruled that a cryptocurrency was not unregistered security. Indeed, as of the time of writing, both the parties involved in the lawsuit had filed supplementary letter briefs to expand their arguments. However, the financial regulator maintains that all of its filings are protected by the defense.
