U.S. lawyer and former federal prosecutor James K. Filan, who closely follows the case of the securities regulator against Ripple fintech behemoth and often shares updates on it, has taken to Twitter to spread the word that Ripple has opposed the motion filed by an entity called "Investment Banker Declarant."
Filan reminded the XRP community that this investment banker wants to conceal his name from public view, as well as the company he works on and his position in it. In early September last year, this person voluntarily filed a declaration in support of the summary judgment motion that was later submitted by the SEC.
Ripple wants banker's real name revealed
Ripple defendants, including CEO Garlinghouse and former CEO Chris Larsen, urge the judge not to allow the declarant to edit out his declaration in order to remove his name, his position and his employer.
The reason for that request, according to the scanned copy of the document shared by Filan, is that now "the presumption of public access to judicial documents is strongest." Besides, they stressed, the declarant and his employer chose to file the declaration of their own free will, and nobody forced them to take that step.
The banker is now requesting that both names be concealed.
Besides, the defendants stated that a major reason why the declarant wants to redact the sensitive documents — the "risk of harassment," should his name and the name of the employer be unveiled publicly — "is too vague and conclusory" to be a good reason for sealing the documents.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple opposes the Motion by “Investment Banker Declarant” which seeks to shield from public view his name, position, and employer because he voluntarily submitted the declaration in support of the SEC’s Summary Judgment motion. pic.twitter.com/0GpjTffImO— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 18, 2023
Here's what first motion was about
As reported by U.Today earlier this month, Investment Banker Declarant filed a motion to redact the documents during the first days of January. Back then, Garlinghouse and Larsen stated that they did not object to the filing of it; however, they did not consent to it either.
By submitting the motion, the declarant intended to help the securities regulator to investigate Ripple allegedly violating federal securities law.
Chances of settling with SEC are zero: Garlinghouse
While speaking at the World Economic Forum in Davos this year, Ripple chief Brad Garlinghouse shared that he certainly expects the decision of the judge to be made this year, even in just a few months. However, when asked about the chances for a settlement with the SEC, the Ripple boss stated that they are close to zero.
The reason for that, according to him, is that the SEC insists that all cryptos are securities. As Garlinghouse mentioned earlier, the only condition on which Ripple would settle with the SEC is that the latter would admit that XRP is a nonsecurity on a forward-going basis. Obviously, the regulator will hardly agree to acknowledge that. So, Garlinghouse said, it will finally be up to the judge to decide on that.