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Ripple Case Update: SEC Requests To Depose Six More Witnesses

Magistrate Judge Sarah Netburn received a request from the Securities and Exchange Commission (SEC) for an order to depose six more witnesses.

The witnesses according to SEC includes former Ripple CFO Ron Will and former Xpring senior vice president Ethan Beard. Judge Netburn will also depose a company representative to cover any gaps in their testimonies.      

The SEC claims that it has to continue the number of removals. This is because of evidence uncovered during the process and “the sheer scale” of Ripple’s “unlawful” XRP offering. Ten current and former Ripple employees will testify on numerous concerns.

Zeroing in on pressing efforts 

The SEC is also investigating to restrain Ripple from producing records involving its lobbying efforts.

Back in June 2020, Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, publicly declared that XRP wasn’t unregistered security. Still, the SEC points out that he was on Ripple’s payroll:

Ripple relies on statements that it paid that official to make to support its litigation position…Since Ripple has put at issue its purported lack of “fair notice” based on the beliefs of market participants, the SEC is entitled to test whether the supposed “confusion” was bought and paid for by Ripple. This is as opposed to a reflection of genuine market sentiment

The SEC wants as well to obtain the documents of five additional custodians; this is so that the agency can get all relevant internal and external documents.

Ripple Business As Usual

ripple

Oman-based BankDhofar has integrated Ripple’s payment network to link with India’s IndusInd Bank for real-time mobile remittances.

Thanks to RippleNet, BankDhofar customers may now transfer up to OMR 1,000 (approx. $2600) to deposit accounts in India; the top remittance-receiving country in the world. The mobile app will be able to process the transaction instantly. Navin Gupta, MD, South Asia, and Mena, Ripple, announces:

“Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”

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