Ripple: A recent development from the Ripple-SEC lawsuit indicates that certain information about the lawsuit will be made public. Apart from that, Ripple took a minor win in an ongoing lawsuit. Here are the details…
- 1 Ripple celebrates a small win
- 2 Ripple lawsuit: company scores minor victory as SEC is ordered to produce redaction
- 3 Ripple’s statements
- 4 What steps were taken in the case
- 5 Share this:
Ripple celebrates a small win
Defense attorney James K. Filan, who closely followed the case, reported that Ripple had a minor victory. According to the development, the court rejected the SEC’s request to seal the written legal argument objection.
Ripple lawsuit: company scores minor victory as SEC is ordered to produce redaction
The explanations of Ripple company regarding the court decision include:
The court rejects the SEC’s Sealing Proposal. It also orders a remastered version of the abstract to be submitted by June 14. The court also orders that by June 14, 2022, the SEC submit a letter explaining its proposed redactions and specifying which exhibits it wishes to seal.
Meanwhile, the court settled with Ripple and said that the SEC tried to seal more than necessary. Previously, Ripple’s defendants had contested the SEC’s request to seal their response to Daubert’s request to attend the hearing.
Attorney Jeremy Hogan clarified Ripple’s previous response, implying that the SEC does not want the physical address of its experts disclosed. At the same time, “Ripple argues that only one document discloses the expert’s address and only one document should be sealed.”
Earlier, CryptoLaw founder John Deaton asked the court to present an amicus briefing on a Daubert challenge, which included the opinion of SEC expert Patrick Doody, who claims he knows what drives XRP investors to buy the asset. The SEC then reported to the court its objection to the amicus licensing request requested by XRP investors.
Federal Judge Sarah Netburn held a live conference call on Tuesday to discuss the release of the Hinman documents. Fox reporters Eleanor Terrett and Charles Gasparino shared the following from the conference:
The Ripple lawsuit can be traced back to a speech made by former SEC official William Hinman four years ago.
What steps were taken in the case
Based on the report, the court also asks the SEC to determine which exhibits it wishes to seal by June 14. Four of the five reasons cited by the SEC in the request letter “do not pose a risk to human life,” according to Ripple.
The SEC took action to seal Patrick Doody’s opposition to an amateur request to enter the expert contest. He cited security as the reason for this. However, the blockchain company and its allies promptly dismissed the SEC’s arguments. Ripple Labs and the SEC have been arguing for some time now with new filings popping up every day. It seems that even the judges are now fed up and eager to settle the case at this stage.
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