89 Interactions, 2 Today
The Securities and Exchange Commission [SEC] of the United States has filed an objection to Ripple’s Motion to seal papers connected to several Ripple meetings. However, the court had already granted the aforementioned motion on a “interim basis.”
As per the said document filed by the SEC included its request to , deny Ripple’s motion to seal “(i) redacted portions of the SEC’s letter motion to compel recordings of certain internal documents and (ii) the corresponding deposition excerpts submitted as exhibits to the motion.”
The document containing Ripple’s opposition added,
“The documents at issue are relevant to the judicial process in that they would reasonably have the tendency to influence the Court’s ruling on the discovery dispute before it, and no countervailing business or privacy interests outweigh their disclosure to the public.”
The motion to compel has been going on for a long time between the SEC and Ripple. Earlier the parties wanted to keep some findings during the proceedings away from the public eye, however, now that the lawsuit has become more public, the parties were trying to highlight some facts as part of Motion to Compel.
Notably, the SEC filed another one-page response concerning the now moot “Motion to Compel,” regarding the recordings of the Ripple meeting.
Earlier, SEC admitted that before kickstarting the legal proceedings, it had not informed the third parties that it considered XRP as security. It stated,
“…the Commission admits that before the filing of this case certain third parties inquired about the legal status of XRP. However, the Commission did not state a view one way or the other in response.”
The remark was made in a request for admissions to the SEC document, which was included to the most recent court filing. It’s intriguing since this might be an official admission by the SEC in the case, which would help substantiate Ripple’s position.
The discovery phase of the action was still ongoing. Since the lawsuit’s inception in December 2020, both parties have filed a number of motions in order to verify their respective allegations. The SEC’s admission could imply that the authorities aided the fair notice defence. However, it would not totally form the case, and Ripple may still need to establish its XRP sales.