Defense lawyer James K. Filan has shared the latest update in the Ripple v. SEC case in a recent tweet. Ripple has filed a motion to compel the SEC to turn over notes from a meeting between its CEO, Brad Garlinghouse, and former SEC commissioner Elad Roisman.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files Letter Motion to Compel the SEC to turn over notes regarding a 2018 meeting between Brad Garlinghouse and former Commissioner Roisman. The SEC refuses, claiming they are privileged. https://t.co/J1xLA5kiSa— James K. Filan ???? (@FilanLaw) February 11, 2022
The SEC, on the other hand, has filed an objection to the motion, claiming the deliberative process privilege (DPP).
The SEC's objection comes just a week after the court ordered that some records be released, according to Ripple's filing:
Exactly one week after the court issued its ruling on the application of the deliberative in this case, following months of negotiation, letters, briefing, and argument, the SEC produced yet another privilege log listing just two documents, and asserting the DPP over both.
Attorney Jeremy Hogan, partner at Hogan & Hogan, criticized the SEC’s move, stating the agency has no tenable basis for claiming the DPP here since it conceded that the notes are not related to the Ripple investigation.
As seen below, the SEC has no tenable basis for raising the DP Privilege here since it conceded to Solomon that the notes cannot be related to the investigation of Ripple.— Jeremy Hogan (@attorneyjeremy1) February 11, 2022
Seems the SEC is throwing this DPP Hail Mary and hoping that Judge Torres bails them out on appeal. https://t.co/yNZAMPXut9 pic.twitter.com/XIPkLrTYJp
Ripple says the SEC argued that Garlinghouse won't need the notes since he was part of the meeting. Ripple further stated that contemporaneous meeting recordings provided to the SEC demonstrate that the Ripple boss had departed the meeting, forming a belief that the SEC had recognized the legal "purgatory" posed by regulatory ambiguity.
XRP price action
As reported by U.Today, the XRP price spiked more than 50% during the week as new developments in the Ripple case bolstered the bullish sentiment. The description of the legal advice Ripple received from its outside counsel in 2012 memos might be made public come Feb. 17, according to a recent ruling by U.S. District Judge Analisa Torres of Manhattan.
Ripple general counsel Stuart Alderoty believes that the documents "will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract or security."
At press time, XRP is trading at $0.821. Though down 7.92% over the last 24 hours, it remains up 32% over the past seven days.