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Ripple Versus SEC: The Case Continues

  • Ripple’s lawyers are requesting from the court to reject a claim from the SEC.
  • The SEC petition to withhold documents it considered “irrelevant.”
  • Ripple’s legal team says the SEC intentionally “misread” a prior order denying that request.

Ripple’s lawyers request the court to reject a petition from the U.S. Securities and Exchange Commission (SEC) capability of withholding certain documents.

They state the SEC intentionally “misread” an order rejecting that demand.

In a letter dated April 21, the SEC asserted that the court should “bar Defendants from seeking irrelevant, privileged SEC staff materials that this Court already ruled are not discoverable.” Ripple’s lawyers state that the court already denied the cases the SEC posed.

They stated that SEC did not ask for reconsideration within the provided fourteen-day period. 

The SEC filed the mentioned document. As claimed by the letter dated April 28, “ the Court should reject this misreading of its Order and direct the SEC promptly to produce responsive internal documents.”

Court case proceeds

Ripple versus SEC

This freshest development happens after the SEC demands that the court denied a motion from Ripple Labs. The action attempted to stop the SEC from communicating and gaining documents from Ripple’s foreign regulators. The SEC could use the documents versus Ripple in their lawsuit.

A discovery conference planned for today, April 30, is the subsequent action in the case, states defense lawyer James K. Filan. Records show that the meeting will be about the SEC’s efforts to communicate and obtain documents from Ripple’s foreign regulators.

Recent victory

Ripple Labs has now been successful over the SEC this year between this lawsuit. They won a fight with British investment management group Tetragon in early April. In the lawsuit, Tetragon tried to push Ripple Labs to buy back $175 million in shares. The SEC’s original suit versus Ripple Labs set this precedent.

As claimed by the SEC’s accusation of Ripple Labs, they stated that the firm issued unregistered securities. They state Ripple executives illegally benefited from the sale of their XRP tokens. The Tetragon case was an effort to force a sort of reimbursement.

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