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Ripple files motion compeling SEC to turn over pivotal information

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  • Ripple filed a Sur-Reply with the SEC in response to the Commission’s motion for partial summary judgment regarding their assertion that “Ripple Labs had not complied with its disclosure obligations.
  • The allegations were regarding a 2018 meeting between Brad Garlinghouse CEO of Ripple and Commissioner Elad L.
  • Now, as things stand, Ripple might win the battle.

The SEC vs. Ripple Labs case has been going on for years and it fluctuates in the headlines depending on how situations turn out. Investors are still intrigued by this fight since they want to know if XRP will eventually be categorized as security during investigations, but as of right now there is a lot more at stake because the court cases directly affect XRP’s price.

On a recent Wednesday, Ripple filed a type of legal document with the SEC called a Sur-Reply in response to the Commission’s motion for partial summary judgment. Most notably, on page 14 the company has reportedly argued again against the SEC’s request for judicial notice and also addressed what is described by reports as an ‘erroneous characterization of its prior enforcement actions.’ The document even goes on to detail another attack on Defendant, who claims the Commission did not rule that the alleged violation would result in sanctions within a year of detection and that additional evidence allegedly demonstrates there was no such ruling made.

Ripple Attack mode ‘ON’

R3 and Ripple Labs recently battled over a few matters. These included an exchange of public letters between the groups last month that ultimately ended up in court as a result. In one instance, Ripple’s CEO, Brad Garlinghouse, wrote to Elad Roisman with a request to come in person and speak to him regarding whether the SEC was looking into their company, which he suspected they were. Ripple Labs had filed suit against the SEC back on February 11th to get the correspondence that had been sent between those companies so it could be viewed by them privately. The SEC ultimately denied their request because they claimed the records were privileged.

Famed attorney, James K. Filan took to say on Twitter that:

One of those documents was what’s called attorney notes reflecting the private meetings between the two principals. The SEC adamantly refused to reconsider its position on the matter, even though it explained itself in private meet-ups early in 2022.

That said, Ripple’s executive thought otherwise. The counsel for Defendant stated, Matthew Solomon:

“Notes are not privileged and should be disclosed. Old notes which haven’t been used for fact-finding are like moldy sandwich crusts. They have to be thrown out, or at least put behind the fridge so they don’t come in contact with anything important.

The SEC recently rejected a request from the crypto community to withdraw its assertion that documents were protected by the “deliberative process” privilege. This sparked a massive online backlash, with many in the industry now calling on Congress to hold hearings on this matter and demand answers from the regulators as to their questionable practices – which so far have been deemed anti-crypto.

ALSO READ – FUNGIBLE TOKENS VS NON-FUNGIBLE TOKENS: AN INSIGHT INTO BOTH

Conclusion 

Jeremy Hogan, who was a famous individual and a partner at Hogan & Hogan, has criticized the Hogan move by stating that:

“The SEC had no tenable basis for raising the DP privilege. The examinations, in this case, have nothing to do with the investigation of Ripple. Moreover, it was admitted by the SEC that the notes are not related to the investigation they had conducted against Voxel. Yea, it certainly seems like there’s a hopeful hail Mary here in trying to get the “Ripple” team members out of hot water!”

Now, according to the current scenario Ripple might win the battle Ripple might min the battle but XRP didn’t quite reiterate this optimism. At the time of writing, XRP was down 6% and stood at the $0.82 mark.

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