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.
🚨UPDATE (2) on SEC v. Ripple – More Filings Tonight Under Seal (Not Publicly Available):
✅Memorandum of Law from @SECGov replying to @Ripple's Motion for Summary Judgment filed 9/13/22 and Counter-Statement to @Ripple's Rule 56.1 Statement of 9/14/22
— CryptoLaw (@CryptoLawUS) October 19, 2022
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.
Make them public. Cowards
— Nihal Poosa (@Nihalpoosa) October 19, 2022
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.
and cannot be assessed by that same XRP community as to whether the evidence has any merit. The @SECGov is a disgrace, the lawsuit is a disgrace and this level of sealing is a disgrace within a disgrace /2
— bill (@Belisarius2020) October 19, 2022
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.