Wednesday, October 27, 2021

US SEC discards settlement speculations with its disagreement of Ripple’s seal appeal.

The Takeaway:

The latest update in the XRP lawsuit saw the US Securities and Exchange Commission (SEC) disagree with Ripple's exclusive redaction and seal appeal.

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The latest update in the XRP lawsuit saw the US SEC disagree with Ripple’s exclusive redaction and seal appeal. This dispute refers to the SEC’s Letter Motion Compelling discovery of recordings of defendants’ internal meetings, where Garlinghouse, Larsen & other key employees spoke on topics relevant to disputes in the lawsuit. SEC had filed a lawsuit against Ripple for issuing unregistered security in the form of XRP. However, Ripple has maintained XRP is not a security. 

 

The sudden disagreement could mean a potential cancellation of the former settlement speculations.

With the plaintiff’s current position in the case, standing at the losing end, this sudden disagreement could potentially cancel the former settlement speculations. It appears that the SEC is still not out of bullets to take down Ripple in the ongoing XRP lawsuit. Henceforth, the plaintiff’s weak efforts to settle. The exhibits in question for seal and redaction include redacted portions of the plaintiff’s October 1 letter motion compelling discovery of Ripple’s internal meeting recordings, followed by the exhibits SEC filed under seal in support of the mentioned motion. 

 

SEC does not agree with the defendant’s proposed redactions.

Ripple Labs also appealed to seal the redacted portions of the defendant’s opposition to SEC’s October 1 motion, along with the exhibits filed, supporting the same. However, the SEC has informed Ripple that it does not agree with the defendant’s proposed redactions, followed by Ripple’s motion to seal certain exhibits. 

“The SEC informed Ripple on October 8, 2021, by email that it disagreed with Ripple’s proposed redactions to the Motion to Compel and Ripple’s request to keep the corresponding exhibits filed under seal. The SEC has not taken a position with respect to Ripple’s redaction requests for its Opposition Letter and the attached exhibits filed under seal.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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