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XRP Lawsuit: Ripple Claims SEC Is Attempting to Conceal Its Flaws from Public Criticism

Thu, 06/16/2022 - 15:51
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Tomiwabold Olajide
Ripple defendants have filed their response
XRP Lawsuit: Ripple Claims SEC Is Attempting to Conceal Its Flaws from Public Criticism
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Ripple has fired off a three-page response to the SEC's submission of proposed redactions to the SEC's letter opposing Movants' motion to file an amicus brief regarding one of the SEC's experts.

As stated in a brief shared by defense lawyer, James K. Filan, the Ripple defendants stated no objection to the SEC's move to seal off some exhibits in their entirety, including those identifying information about the expert. It states that the SEC decided to seal the remainder of the exhibits and its proposed redactions to the opposition letter it filed. Ripple feels that the SEC "has not satisfied the standards in sealing off the documents."

Further, "the SEC has requested redactions of passages that demonstrate the weakness of the expert's analysis." These passages do not pose any safety risk but instead appear to be targeting information that would reflect weakness in the SEC's case."

In previous updates, the agency filed a letter requesting that the court seal a portion of Exhibit A to the Ripple defendants' latest filing regarding the insufficiency of the SEC's responses to the Fourth Set of Requests for Admission, to which Ripple did not object.

In May, CryptoLaw founder John Deaton requested the court to file an amicus brief to participate in a Daubert challenge relating to the opinion of expert SEC witness Patrick Doody, who claimed to know what motivated XRP holders to buy the asset. The U.S. Securities and Exchange Commission then informed the court of its opposition to the amicus request for permission requested by XRP holders.

In another update shared by James K. Filan, the court has ordered the SEC to provide to the court, by June 16, 10 additional documents for in-camera review to assist the court with its decision regarding the SEC's claims of attorney-client privilege in connection with the Hinman speech.

Meanwhile, the XRP community continues to keep its fingers crossed regarding the Hinman email issue.

XRP-friendly attorney Fred Rispoli continues to maintain optimism regarding this and the case in general.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.