The perpetual battle between the United States Securities and Exchange (SEC) and the Ripple Labs took some interesting twists and turns. Over the years, the SEC’s lawsuit against Ripple Labs has made headlines directly affecting the price of XRP.
On February 10, Ripple filed its… Sur-Answer regarding the SEC’s motion to discontinue the Fair Notice Affirmative Defense. Primarily to oppose “the SEC’s improper request” for a judicial notice. And to address the SEC’s “misleading characterization of its past enforcement actions.” Well, another attack from the defendant came to support this offensive move.
Attack Mode ‘ON’
Ripple Labs filed a motion on Feb. 11 to force the SEC to transfer notes. This was about a 2018 meeting between Brad Garlinghouse and former Commissioner Elad L. Roisman. Plaintiff here, the SEC declined. Claimed ‘they were privileged’.
The famous lawyer, James K. Filan, took Twitter to expand the topic.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files a motion to force the SEC to take notes about a 2018 meeting between Brad Garlinghouse and former Commissioner Roisman. The SEC refuses, claiming they are privileged. https://t.co/J1xLA5kiSa
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 11, 2022
The aforementioned document included a series of “lawyer notes” that reflected the meetings between the two executives. Nevertheless, the SEC declined to reconsider its stance on the matter, despite communicating it at several meetings in January and early February 2022.
That said, Ripple’s executives thought otherwise. Matthew Solomon, defendant’s counsel stated:
“Notes are not privileged and must be made public. Notes made by SEC employees in the context of fact-gathering with third parties are not within the scope of the DPP. Even if the information collected can later be used for future policy making.”
The SEC had claimed that documents were protected by the deliberative process privilege (DPP). They had previously requested an extension and reconsideration of DPP.
What is fishy?
Although, that wasn’t really the case. At least that’s what the users have portrayed on the thread. Crypto Law, a regulatory news platform, wanted Congress intervene and investigate the SEC. Another user was shocked by SEC’s response.
What a shocking response from the SEC. They are usually so transparent!
— Brian Monarch (@brianmonarch) February 11, 2022
Jeremy Hogan, a celebrity and partner at Hogan & Hogan, criticized SEC’s move. Hogan declared†
“The SEC has no tenable basis to increase the DP Privilege here as it has admitted to Solomon that the notes cannot be associated with the Ripple investigation. Looks like the SEC is throwing this DPP Hail Mary and hoping Judge Torres releases them on appeal.
As things stand, Ripple might be able to win the battle, but XRP, its original token, didn’t quite echo this optimism. At the time of writing, XRP was down 6% and stood at $0.82.
This post Ripple Files Letter Motion To Force SEC To Transfer Notes, Here’s What Followed:
was published first on https://ambcrypto.com/ripple-files-letter-motion-to-compel-sec-to-turn-over-notes-heres-what-followed/