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XRP Holder Calls SEC A “Disgrace” for Sealing Its Reply to Ripple’s Summary Judgment Motion

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XRP holders slam the SEC for sealing its response to Ripple’s summary judgment motion.

Crypto Law, a legal and regulatory news platform, reported today that the Securities and Exchange Commission filed its reply to Ripple’s summary judgment motion. The SEC’s recent filings included some essential documents, such as the agency’s Memorandum of Law to Ripple’s summary judgment motion, Rule 56.1 statements, and declarations made by different professionals. 

However, the documents were filed under seal, and the public will be given limited access to a selected few later this month.

Deaton commenting on the matter said that “Monday of next week, 10-24, the public will get to read limited redacted versions of the oppositions only. Unfortunately, the public will not be able to read the 56.1 statements, counter statements, exhibits deposition testimony, etc., until late December or January.”

Ripple Community Reacts

Meanwhile, members of the XRP community have expressed anger over the sealing of the SEC’s response to Ripple’s summary judgment motion. 

A Twitter user named “Bill” took time to react to the SEC’s recent filing. According to Bill, the SEC’s recent filing is a continuation of the agency’s effort to seal essential materials from XRP investors who are harmed by the lawsuit.

Bill said the SEC has been sealing “critical” documents from XRP investors due to claims that some of its experts were harassed by the Ripple community. The evidence to this claim is still sealed to date, making it difficult for the community to ascertain its authenticity, Bill added.

He called the Securities and Exchange Commission and the ongoing lawsuit a disgrace due to how the agency has conducted itself throughout the case. 

“The SEC is a disgrace, the lawsuit is a disgrace, and this level of sealing is a disgrace,” Bill said. 

Growing Frustration

Bill’s comment reflects the growing frustration among XRP holders. These investors watched the value of their XRP holdings take a massive plunge since 2018, when the SEC started building its case against Ripple.

To make matters worse, the SEC has continued to employ different delay tactics to stall the lawsuit’s proceedings from reaching a logical conclusion.

XRP holders have been the major victims of the lawsuit, which prompted attorney Deaton to file a class action suit against the SEC to help XRP investors to get justice.

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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.

Disclaimer: The content is for informational purposes only, 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.

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