Ripple(XRP) Lawsuit: Decoding SEC’s Recent Motion to Prolong the Briefing Period
By:C, FionaRipple(XRP) Lawsuit: After the SEC‘s latest appeal, the legal battle between the two sides appears to be entering a pivotal point. In response to Judge Torres’ order on the speech drafts, the governing body has requested permission to file a 30-page brief and a 10-page rebuttal.
An earlier post stated that Judge Torres had ordered the SEC to release drafts of Hinman’s 2018 speeches.
Something is wrong, and it seems like the whole world
In the ongoing legal struggle between the SEC and Ripple, Judge Torres partially granted the SEC’s newest motion. For the initial proceedings, she limited the SEC to a 20-page briefing while allowing a 10-page rebuttal.
Since the regulatory authority was expecting objections to three distinct decisions, they had anticipated for a 30-page memorandum. As stated in the aforementioned court filings, Ripple has taken a stance in opposition to both of these motions. All three orders in this case, the defendants argue, stem from a single action involving the Hinman speech. Ripple has not yet submitted its response brief to the SEC.
Since then, Ripple has fought the SEC’s request for a lengthy rebuttal brief. The SEC’s requests are “wholly unwarranted and unfair,” according to its motion.
Another crucial new piece of information on this case has emerged recently. The SEC formally requested that Judge Torres remove XRP holders’ amici status and exclude John Deaton from the proceedings.
In response to this communication, the Ripple legal team raised an objection. “Ripple’s letter indicates the SEC wants amici/XRP investors removed out of the case entirely,” said James K. Filan.
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Conclusion
The decision on Hinman’s comments has put the SEC in an extremely difficult position. They are under intense pressure to provide answers to these queries as they are increasingly scrutinized online.
There’s no telling how much longer they can keep the materials under wraps. Based on current developments, Ripple seems to have found a secure refuge.
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