August 5, 2021

Ripple(XRP) Scores Big in Latest Hearing as Judge Denies SEC’s Request for Lobbying Documents

2 min read

Brad-Garlinghouse

The class-action claim submitted by the United States Securities and Exchange Commission against Ripple has actually reached an important point. In today’s hearing, Judge Netburn gave SEC’s motion for extra depositions but denied an ask for documents post-dating the problems in addition to Ripple’s lobbying efforts. The judge made it clear that Ripple’s fair notification defense centers on the activities of the SEC – – it’s not about Ripple’s knowledge or behavior. The judge stated,

“Ripple focuses on the SEC’s failure to provide reasonable notice to the marketplace about the Commission’s mindset regarding whether XRP qualified as security. It is unclear that such a defense even needs that an offender act in excellent faith.”

The judge’s comments are significant and made it clear that the onus falls on the SEC too. It reveals that the SEC’s actions or failure to act might be brought into concern for which they will be accountable for XRP.

Today’s judgment begins the heels of the SEC being offered a 60-day extension for the discovery deadline.

The SEC is on Trial too

The SEC vs Ripple case has taken numerous weaves considering that the filing in December in 2015. The SEC has actually made many changes to their claim since then and today’s judgment has put them under the scanner as well. The judge made it clear that if XRP qualified as security then the onus falls on SEC on why they didn’t take any actions previously.

The court procedures over the previous 5 months have revealed that SEC overlooked inquiries by exchanges because 2019, over the status of XRP. There were speculations that SEC would attempt to settle the case with Ripple and now it appears they would continue the court fight after gaining a 60-day extension.

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