Altcoins, Cryptocurrency

Ripple questions former SEC member by serving a deposition subpoena

  • Ripple has tried to question a former SEC member under oath by serving a deposition subpoena.
  • Even though the ex-SEC official has remained anonymous, the securities regulator has filed a motion to revoke the petition. 
  • Given the level of participation in the case, former SEC chairman Jay Clayton would be a likely candidate.

Ripple Labs and the United States Securities & Exchange Commission (SEC) legal battle remains as the blockchain company requests to bring a former SEC member as a witness. The securities regulator initially accused the cross-border transmittals firm of its sales of XRP as an unreported securities offering.

SEC attempts to quash Ripple request


As part of the latest update in the SEC v. Ripple case, the cross-border remittances firm served a declaration subpoena on a former official of the securities regulator. 

The deposition request by Ripple declared that it aims to bring a former SEC member to the court. As per to James Filan, an attorney established with the case:

“This means that Ripple demands to question, under oath (deposition), a former SEC official.”

Filan moreover added that the identity of the former SEC member remains anonymous at this point. Former SEC chairman Jay Clayton, accountable for taking the case versus Ripple in December, could be a potential candidate

While Ripple has been put on trial, as the SEC allegations that XRP is security; Clayton has formerly asserted that the agency does not regard Bitcoin and Ethereum to be securities. But instead, he has not given any details on how he has come to this conclusion.

High-profile members exiting

After Clayton left the agency last year and has since taken on a new spot as a crypto advisor to a hedge fund backing a Bitcoin exchange-traded fund for approval, the SEC, the former chairman, has terminated every request of a Bitcoin ETF in the United States during his incumbency.  

It is critical to note that numerous high-profile members have left the office in recent months and could be William Hinman, Sagar Teotia, and Stephanie Avakian. Clayton lingers to be the most likely person to be the candidate as the members above have had the most negligible participation in the case. 

The regulator for securities will register a motion to suppress the deposition request on June 24, and Ripple is anticipated to file an opposition to the agency’s motion to suppress on July 1. 

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