Saturday, August 13, 2022
Home Crypto News Market SEC Files Motion To Protect “Relevant” Documents in Its Lawsuit Against Ripple

SEC Files Motion To Protect “Relevant” Documents in Its Lawsuit Against Ripple

- Advertisement -

SEC Files Motion To Protect “Relevant” Documents in Its Lawsuit Against Ripple.

The Securities and Exchange Commission (SEC) has filed a motion claiming that Judge Analisa Torres’ recent ruling that led to the denial of Ripple’s executive request to have their charges dropped could make some of its documents completely irrelevant. 

According to a recent motion, the SEC believes that following the recent ruling that occurred over the weekend, documents like the 2018 Hinman’s emails and the Estabrook note could be regarded as irrelevant, adding that it does not have to disclose the content of both documents. 

“The Order answers any question as to whether the SEC’s internal documents are relevant to the Individual Defendants’ scienter. They are not [irrelevant],” the SEC said in its recent motion. 

SEC Objects to Proving Defendants’ Guilt

In response to the court ruling that the SEC should prove that both Brad Garlinhouse and Chris Larsen knew about the legal status of XRP and still disregarded its consequences, the securities agency noted that it only needs to show an instance to corroborate the fact the duo knew that XRP was a security.  

Citing comments made by individual defendants seeking that the SEC must show the status of XRP as security throughout the charging period, the securities regulators said the defendants’ comments on the matter proved that they were aware of Ripple’s legal status. 

With the recent developments, the popular fintech company will be given the opportunity to file a response as this has been the procedure since the case started. 

Judge Sarah Netburn will also need to get a response from Ripple on both filings before deciding on the motion. 

SEC v. Ripple Lawsuit Hurting Investors

The SEC v. Ripple case has taken longer to be resolved than expected. While many expected the lawsuit to be over a few months after it started, the case has lingered for over a year due to a series of motions filed by both parties

These consistent delays have been hurting investors who have seen a large chunk of their XRP holdings value evaporate as several U.S.-based exchanges are forced to halt support for Ripple amid the lawsuit. 

Meanwhile, the case is expected to come to an end on or before November 18, 2022, with Ripple suggesting this in a new motion. 

The world is however expecting that the case could end quickly so that investors could get back experiencing a sensational run of XRP. 


- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammara Mubin
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

IOG Says “Getting Things Right” Is The Priority After Cardano Investor Asked When Vasil Will Launch

  IOG has responded to ADA investors who are eager to know the exact date for the launch of the Vasil hard fork.  Input Output Global...

The Deputy Minister Of Digital Transformation Says Ukraine Should Launch A CBDC

Alex Bornyakov is in support of a digital hryvnia. In a four-tweet thread on Friday, Ukraine's Deputy Minister Of Digital Transformation, Alex Bornyakov, argues that...

Shiba Inu Lead Developer Gets A Harsh Response From “Can You Pet The Dog”

  "Can You Pet The Dog" Shuns Shiba Inu Game, Shiba Eternity As It Wants Nothing To Do With Crypto Projects. ...

Shiba Inu And BONE Becomes Top Trending Coins in Asia, USA, and Canada

Shiba Inu and Bone are trending worldwide. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

NOWNodes Adds Support for Shiba Inu Burn Portal Reward Token Ryoshi Vision (RYOSHI)

  The listing of RYOSHI will enable developers to build on Ryoshi Vision via NOWNode's platform. window.coinzilla_display =...

71,225 XRP Holders Now Stand With Ripple Against SEC, Deaton Says All XRP Investors Are Leaders Of XRPArmy

  The Amici attorney has commended XRP investors for their collaboration toward Ripple’s legal battle against the SEC.  ...

One Year After Burning Mechanism Launched, 2.5 Million Ethereum Worth $5B Burnt, Is ETH Becoming Deflationary?

  About 2.1% of Ethereum's circulating supply has been burned since the London hard fork. window.coinzilla_display = window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.