The US watchdog, the SEC, has taken a recent hit as its battle with Ripple entered an interesting phase this week.
The SEC has good reason to worry after a string of losses.their latest Judge Netburn upheld Ripple’s motion to authenticate public statements by SEC officials.
The motion was initially opposed by the SEC, who argued that Ripple was trying to reopen fact-finding.
it doesn’t end here
The SEC vs. Ripple lawsuit continues to attract the crypto community as it wears off into another month.
This incident has been watched for years and doesn’t seem to be over anytime soon.
In the above motion filed on August 4, the SEC had conditions in case Ripple went ahead with the motion.
The terms of the consent were that “defendant consents to reopen discovery.”
The move could allow the SEC to file its own subpoenas to obtain copies of unspecified records.
Renowned attorney James Filan continues to post his insights on the case. He is visibly irritated by the SEC’s lackluster response. On this point he said:
“The SEC’s response is an abuse of the judicial process and a waste of court time, evidenced by the fact that the SEC waited five days to file a one-sentence response that misinterpreted Ripple’s original request. .”
The SEC’s actions have recently been questioned by the cryptocurrency community as well.
One enthusiast, who went by the name of Ashley PROSPER on Twitter, said, “If the SEC misbehaves, the lawsuit could be dismissed.”
Let’s not forget that Judge Netburn has already used the term “faithful loyalty (bad faith) to the law” to the SEC.
#XRP #XRP Community
A bad SEC attitude can lead to lawsuits being dismissed. 4 of the 5 elements of the rejection were met. Judge Netburn uses the term “faithful loyalty to the law” (bad faith) and ticks another checkbox in the rejection box. Although unlikely… there are things to consider. pic.twitter.com/e8vupINsrq
— Ashley Prosper (@AshleyPROSPER1) August 14, 2022
On the other hand, report Both parties have filed a response to the motion to exclude expert testimony.
These answers are now sealed. But what happens now in this seemingly never-ending legal battle remains a topic of interest to the crypto community.