The Ripple case, which is followed with interest by the crypto markets, continues. With the mutual moves of XRP and the United States Securities and Exchange Commission (SEC), the case is developing. Ripple is once again objecting to the SEC’s move. Developments are on Kriptokoin.com.
How is the Ripple case going?
The legal battle between Ripple and the SEC is getting a bit complicated as both sides are more active than ever before. Ripple (XRP) and Individual Defendants objected to the SEC’s request for a partial reconsideration of Judge Netburn’s DPP decision and clarification of any ambiguities. In a statement, it was stated that the SEC’s move in question was merely seeking a “re-examination.” The Ripple side rejects the re-examination in principle, so it opposes the SEC’s move.
The SEC’s motion is considered an improper renewal attempt as it is dissatisfied with the Court’s order regarding its previous briefing. The SEC claims that its review standards are not adequately met here when requesting reconsideration. In Ripple’s statement, it is stated that the SEC has been trying to recapitulate and neglect an issue that has been heavily litigated for nearly a year. This time an SEC move is of course based on a new theory. Ripple’s statement finds the SEC’s assessments of Hinman’s speech contradictory and openly opposes it.
SEC employs delay tactics
The SEC is shaping its arguments in court, arguing explicitly that Hinman’s speech expresses only the speaker’s “personal views.” The SEC is now arguing for the first time that the Speech is the culmination of a policy process within the Corporate Finance Division. This move contradicts Hinman’s affidavit. In fact, the SEC is using delaying tactics to further prolong the case. The Commission (SEC) is also unable to substantiate its claims that the Court’s 13 January 2022 decision was erroneous. In Hinman’s speech, the court already acknowledged that SEC personnel were involved in the controversy surrounding the Speech.
The SEC has never before discussed that discussions about what Hinman should include in his 2018 Speech are part of a process to the core. Earlier, the commission appealed against Ripple CEO Brad Garlinghouse’s motion to force submission of notes taken by Matthew Estabrook. The notes were taken during a 2018 meeting between Elad Roisman and Brad Garlinghouse. However, the SEC submitted the notes to the court for on-camera review.
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