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- The SEC does not object to Ripple’s motion registered on August 19.
- The United States Security and Exchange Commission filed a lawsuit against Ripple on December 22, 2020.
On August 26, 2022, The Security and Exchange Commission(SEC), in its letter addressing Judge Analisa, mentioned that the SEC does not object to Ripple’s motion registered on August 19 seeking to seal the identities of non-parties of certain Ripple workers and personal monetary statements of workers.
Regardless, the SEC ascribed, in doing so, that “the SEC does not concede that the above information category should be properly sealed for overview judgment briefing and reserves its right to object to a similar sealing request to summary judgment.”
On August 25, the judge granted the SEC’s request to file approximately 90 pages of an extended reply to its motion, which excludes the testimony of Ripple’s witnesses.
Summary of SEC vs. Ripple Lawsuit
On December 22, 2020, the United States Security and Exchange Commission filed a lawsuit against blockchain-based technology company RippleNet.
The allegations made by the Commission were that the XRP, a token of the platform, is secure as it fulfills the Howey test. But the company did not register it as a security with the SEC and has traded with it worth approximately $2 billion.
Ripple did not accept the allegation and retaliated against the SEC. According to the network, XRP does not fall under security, so trading with it is not illegal. Also, RippleNet said that the SEC was biased and taking advantage of its authority.
The allegations were detailed as the conduct of unregistered digital asset security worth $1.3 billion from the network and $600 million moved by its CEOs. So the lawsuit included charges against the company and former and current CEOs Christian Larsen and Brad Garlinghouse, respectively.
James K. Filan(Defending Lawyer) of Ripple labs mentioned, “The Security and Exchange Commission has filed the full record of its objection to Magistrate Judge Netburn’s decision to compel the SEC to turn over Hinman’s speech materials, including Ladan Stewart’s statement and exhibits.”
At the time of writing, the XRP native token of Ripple was trading at $0.3214, according to Coinmarketcap data.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
