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February 12, 2022

More Update On the Ripple vs. SEC Case

The legal battle between Ripple and the United States Securities and Exchange Commission has taken a new turn, with Ripple filing a fresh move to compel the government to turn up notes from a meeting between its CEO, Brad Garlinghouse, and a former SEC commissioner.

Ripple filed the move on February 10, requesting that the SEC provide over the notes from the November 9, 2018, meeting between Garlinghouse and former SEC commissioner Elad Roisman. In the motion, Ripple informs Magistrate Judge Sarah Netburn that the regulator refused to provide the records because they are privileged.

The filing stated: “Exactly one week after the Court issued its ruling on the application of the deliberative in this case, following months of negotiation, letters, briefing, and argument, the SEC produced yet another privilege log listing just two documents, and asserting the DPP over both,”

The legal team for Ripple argued that the SEC should not claim privilege because the meeting was between the commissioner and a third party and hence not an internal matter. Furthermore, the SEC admitted that the conversation was not about a possible Ripple enforcement probe.

The motion further emphasizes that the conference records provided to the SEC show that the Ripple CEO departed the meeting believing that the securities watchdog was well aware of the legal limbo caused by regulatory ambiguity.

Ripple’s case, in which Ripple, Brad Garlinghouse, and Chris Larsen are accused of executing a year-long unauthorized selling of $1.3 billion in the XRP cryptocurrency, is going rather smoothly.

The court decided earlier this month that two secret documents must be unsealed and made public by Feb. 17. Larsen, who included the documents as secret exhibits in his application to dismiss the SEC’s action against him, claimed that the 2012 documents did not refer to XRP as a security or investment contract.

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