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SEC vs. Ripple Lawsuit

The latest developments in the XRP lawsuit witnessed consecutive decisions in favor of the defendants, that have cleared up the former speculation against Judges’ bias towards the SEC in the case. The court granted amici curiae status to Pro- Ripple Attorney, John E Deaton, along with six Movants holding aligned interests with that of the XRP community. This was followed by two move approvals, granting Ripple’s appeals to extension in both, SEC telephone conference appeal to seek a protective order, as well as the plaintiff’s letter motion compelling discovery of audio-visual data for Ripple’s internal meetings.

SEC unjust motions that cause upheaval

The judges had received considerable backlash for the court’s invalid and unfair support of the SEC’s hypocritical actions. The crypto community was raging with the sentiments of unjust decision-making on part of the court as the SEC kept filing motions that would let the commission withhold evasive information. Meanwhile, the plaintiff pressured the defendants through more filings to make extensive discoveries, that the defendants claim is irrelevant to the case.

The commission recently filed an appeal for a telephone conference, seeking a protective order under FRCP 26(c)(1), relieving the plaintiff of any obligation to respond to the 29,947 requests for admission, totaling over 5,000 pages from Ripple in the final six hours of fact discovery on August 31. The commission asserted that the defendants’ requests are “disproportionate” and that the process of responding would pose a “crushing burden” on the plaintiff.

However, following the telephone conference request, the SEC also appealed for a pre-motion conference to order motion, compelling Ripple for “reasonable” discovery of “relevant” video & audio-taped recordings of internal Ripple meetings where Garlinghouse, Larsen & other key employees spoke on topics pertinent to disputes in the lawsuit.

The court permits a pro-Ripple attorney to ask brief questions

The Amici curiae status granted to Attorney John E Deaton offers the opportunity to ask brief questions on behalf of Individual Movants related to the XRP lawsuit. While the SEC asserted that XRP is a security, and further accuses the defendants of violating the Securities Act by selling these digital assets. The Movants object to SEC’s argument, asserting that if XRP is a security and its sales are marked as illegal, then the entire XRP community is put at the stake of a lawsuit for trading unregistered securities.

The post XRP Lawsuit: Speculation against Judges’ bias towards the SEC begins to clear up. Here’s why appeared first on Coingape.

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#Bitcoin #Crypto #Cryptocurrency



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