The SEC and Ripple cases have reached a frustrating impasse as both sides struggle to hold their ground. Most recently, Ripple Legal filed a motion to block the SEC targeting its illegal methods. The SEC illegally used the Howey test because the token represents “security itself.” This theory has been issued by the SEC from the beginning. The SEC is therefore liable for its “unprecedented allegations.”
end to end
Renowned attorney James K. Filan reported new developments in the case in his latest tweet. He filed a motion for an unidentified entity to enter the frame and seal excerpts from the Dawbert motion. This is an attempt by the parties to seal up confidential business information to protect the organization and its employees.
#XRP community #SECGov v. #Ripple #XRP MoneyGram has filed an uncontested motion to seal several lines from the depositions of MoneyGram officers containing nonpublic information related to MoneyGram’s business strategy and operations. pic.twitter.com/mZsRqCcM6Z
— James K. Filan ???? 107k (please be careful of impersonation) (@FilanLaw) July 29, 2022
The party is trying to redact digital wallet information that resembles a “financial account number.” This has been previously reflected in the edits suggested by Ripple. The same party submitted to Judge Torres a sealed letter identifying the items of evidence subject to its sealing request. Case bystanders respond quickly to issues to seek out parties for definitive investigation. Crowd chatter was instigated as soon as the tweet was published.
what next?
In the next four days, a ruling will be given on the parties’ motion to seal the expert’s challenge. The unsealed portion of the challenge is then “docketed” according to Filan. Then, on Aug. 9, her Ripple will respond to his SEC objection to Judge Netburn’s ruling of his AC privilege. The SEC says he has until Aug. 16 to file a response, a week later. The filing date for the Statement of Undisputed Facts and Motion for Summary Judgment is September 13, 2022. The deadline for challenging the motion for summary judgment and the response is October 18, 2022.
Who will crack under the pressure this time? It may be a while before we can see for ourselves.
