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July 31, 2022

SEC vs. Ripple Case Continues

Ripple Legal has submitted a motion with the purpose of frustrating the SEC by emphasizing the improper methods used by the SEC. Due to the fact that the token constituted a “security per se,” the Securities and Exchange Commission (SEC) engaged in unethical use of the Howey Test. This concept was first brought up by the SEC. The Securities and Exchange Commission is to blame because of its “unprecedented assertions.”

A well-known lawyer named James K. Filan just sent out a tweet in which he disclosed a fresh turn of events in the case. A previously unidentified corporation has now joined the picture and has submitted a motion asking for certain paragraphs from the Daubert Motions to be kept confidential. The gathering makes an effort to keep confidential business information a secret in order to protect both the corporation and its employees.

The party wants to keep information about digital wallets, such as “financial account numbers,” confidential. This information was first included in a redaction that was provided by Ripple.

A letter outlining the exhibits that are subject to the sealing requests made by the same party was delivered to Judge Torres in a sealed envelope. The parties involved will be sought out by the case observers for an in-depth review. The discourse among the crowd started almost soon after the tweet was sent.

Ripple is scheduled to respond to the objection raised by the SEC about Judge Netburn’s AC privilege order on August 9th. After then, on the 16th of August, the SEC is required to hand in a response brief after a week has passed.

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The current deadline for submitting statements on uncontested facts and motions for summary judgment is September 13th, 2022. The date of October 18th, 2022 is the cutoff for submitting oppositions to requests for summary judgment and answers to such motions.