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Every week, the latest development regarding the ongoing lawsuit between Ripple and the SEC can be seen. SEC at the moment has found its new favorite in the Amici motion. Through its case with Ripple, SEC has caused the XRP holders to suffer huge losses for a while now.
On 18th June, Plaintiff pointed out ‘Exhibit’ pointing out the objection to the Ripple Defendants’ Motion. ‘Judicial document’: a portion of the expert’s deposition transcript. Likewise, in connection with amici’s desire to take part in the SEC expert challenge, submitted arguments to refute Exhibit O.
In response to the SEC’s opposition, the Ripple Defendants filed their proposed redactions under seal. It also bought the amici motion to take part in the expert challenge. James Filan, a well-known lawyer, presented recommended redactions in a letter that was publicly filed by the SEC.
This action follows the evidence of Patrick B. Doody, an expert SEC witness, who discussed the data that “reasonable” XRP holders used to support their purchase of the cryptocurrency. The SEC argued to safeguard the expert:
Given the possibility that earlier harassment and threats will continue in the absence of such measures, the proposed redactions to the Response are carefully curated to provide the “greater value” of protecting witness safety
Therefore, the SEC wishes to seek ‘footnote 1 of the Response‘, which includes information regarding the content of the report of the Expert. In the ‘SEC opposition bet’, the rest of the proposed redactions to the Response are regarding the information about the Expert’s threats and harassment.
The proposed redactions designed to serve that interest could be the major reason.
The purpose of the SEC is to protect the respective expert from any kind of potential damages. Jeremy Hogan raised a question on the motive of SEC and said something along the lines that only if SEC also cared about the protection of retail XRP holders!
The current crypto market conditions intensified the situation even more. After experiencing harsh liquidations, XRP decreased to the $0.36 mark. However, it rebounded by over 12% at press time, therefore, fighting its battle to survive.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
