The U.S. Securities and Exchange Commission (SEC) suffered a major setback after Justice Sarah Netburn served a subpoena and granted Ripple’s appeal to authenticate a video of public statements made by regulatory officials. rice field.
The payments giant plans to file two subpoenas against at least seven SEC officials. Judge Netburn, who presides over the high-profile case, dismissed his SEC allegation that the defendant was trying to reopen the fact-finding.
litigation drags on
The legal battle between the SEC and Ripple shows no signs of slowing down anytime soon. In December 2020, the SEC filed a lawsuit against the blockchain technology company and two of its senior executives.
But things have moved south for the SEC.Details of Ripple’s latest win clearly By noted attorney James Filan. The agency had previously challenged Ripple’s request to authenticate the video, instead stipulating that it would only agree to the request if the defendants agreed to reopen discovery. The purpose behind the SEC’s move was to file several subpoenas to obtain video material to support the SEC’s claims.
The SEC responded with a one-liner like this:
“Plaintiffs do not respectfully take a position on defendants’ motion to reopen fact finding for serving non-party subpoenas for the purpose of obtaining video recordings for certification. ”
The judge ultimately dismissed the SEC’s terms, but many Ripple supporters were offended by the response. For example, Filan claimed It said the SEC’s response to date was “an abuse of judicial process and a waste of court time.” He accused the regulator of misinterpreting Ripple’s original request, despite waiting five days to “submit a one-sentence response.”
SEC at Troubled Waters
The SEC has recently suffered a string of unsuccessful lawsuits, and the certification of statements by regulatory officials could further strengthen Ripple’s defense of the allegations made by plaintiffs.
Despite the litigation drag, Ripple CEO Brad Garlinghouse believes a solution could be found before the end of the year.
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