SEC Vs Ripple News: While the legal dispute between the US Securities and Exchange Commission (SEC) and cryptocurrency firm Ripple has been going on for a third year, a resolution may be near. Following the filing of both parties’ final filings on the XRP lawsuit, Ripple and the SEC, along with other interested parties, have since presented summary briefings that are likely to influence the eventual outcome of the case.
New update for XRP lawsuit
However, ahead of the latest briefings, attorney James Filan disclosed that the US-based crypto company filed a motion against an application filed by Investment Banker Declarant that attempted to hide certain facts from public disclosure. The data includes his name, job title and company name, among other things. The declarant claims he should be shielded from liability since he voluntarily filed the affidavit in support of the SEC’s interim injunction.
According to last reports, the Investment Banker Declarant (IBD) has filed a response to Ripple’s opposition to the motion. The official press release states that none of the defendants’ reasons are strong enough to outweigh the investment banker’s principal privacy and security concerns in allowing the specifically targeted redactions. First and foremost, the defendants’ main defense that IBD, an employee of an SEC-regulated entity, “voluntarily” provided his statement to the SEC does not provide legitimate justification for denying permission to edit.
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The IBD, which is employed by an SEC-registered broker-dealer, was unable to deny a request for a statement from the SEC, which serves as its firm’s primary regulatory body. The SEC’s other option, if the Investment Banker’s Declarant had declined to make a statement, was to compel his testimony to verify the document in question. It goes without saying that there can be no truly voluntary ‘decision’ when the witness has the two options of making a statement or testifying. Even if it were, voluntariness is not taken into account when analyzing redactions, and the defendants provide no evidence to the contrary. In any case, historical precedent clearly shows that where there are compelling reasons to redact, especially when it comes to the safety and privacy of other individuals involved in the dispute, those concerns take precedence over all other factors.
The SEC vs. Ripple saga
In addition, the report states, the court has already recognized that the risks to witnesses in this case are significant to warrant redaction of any identifying information that may have been included in the documents. As a publicly named witness in this high-profile case, Investment Banker Declarant and his colleagues would run similar risks. Finally, the company representing the IBD in the ongoing SEC Vs. Ripple case – alleged that the defendants’ arguments, if followed to their logical conclusion, would make future government investigation more difficult. The participation of individuals who may want or need to maintain their anonymity is extremely important to researchers.
If that confidentiality cannot be guaranteed, cooperation will not be discussed.
With all the hype and discussion surrounding the XRP lawsuit, the development of the case is expected to have a substantial effect on the price of XRP; which has received some bullish signals as a result of the situation. As things stand, the XRP token price is currently trading hands at $0.41. This represents a 2.47% drop on the day as opposed to a 6.11% gain over the week according to CoinGape’s crypto market tracker.
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