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- Ripple has strongly opposed the SEC’s demand to provide a brief and a reply brief
- SEC has objected to the Judge’s order to release the Hinman documents
Ripple, a leading crypto solution provider platform, has filed an opposition to the Securities Exchange Commission demanding an excess length brief and also a reply brief backing the SEC’s open objections to Magistrate Judge Netburn’s order of convincing the SEC to release the Hinman documents.
On July 22, James K. Filan, the defense layer of Ripple, presented the court documents which clearly disclosed that the company had filed an opposition against the Security Exchange Commission after the authority had demanded a 30- page opening brief and 10- page reply brief backing the authority’s decision of objecting Netburn’s order to release the Hinman speech documents.
Opposition Statement Of Ripple
The company, in its opposition statement, has mentioned: “The authority has not given any justified answer for drifting from those regulations either in the letter to the court or to the Defendants; thus, we are providing a 20 pages objections to the Court and will not be able to provide the reply briefs on the basis of the authority should have provided a full notice of the opposition disagreement on issues driven by the magistrate judge.”
Magistrate Judge Netburn has demanded a limited number of documents regarding the Hinman Speech. Hinman was the former Director of the SEC‘s Division of Corporation Finance.
The defendants of Ripple carried on their opposition and stated that: “The Security Exchange Commission has demanded to file twice in support of the authority’s objection, i.e., an opening and a reply brief.”
The company also commented on the authority’s demand for a reply brief and said that “the request for a reply brief is at best premature.”
Brad Garlinghouse, the Chief Executive Officer of Ripple, admitted the financial involvement of the company is fighting the case and said, “Our company has spent more than $100 million over fighting against the SEC legally.”
According to the CEO, the SEC has taken the decision knowing the fact that most crypto companies do not have good financial conditions to fight against the authority.
ALSO READ – Freddy zwanzger, CEO of Blockdaemon’s Ethereum, stated that All Ethereum Killers would Fail
Conclusion
Fighting these kinds of cases eventually results in the wastage of economy and time. Multiple parties get involved in the case, and the decision takes time to conclude.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
