The legal tussle between the US Securities and Exchange Commission (SEC) and Ripple Inc. has taken another dimension after Magistrate Judge Sarah Netburn granted Ripple a new request. The Judge granted the firm to serve non-party Subpoenas to video hosting platforms to validate some clips about speeches from top officials of the SEC.
The Judge gave the permission based on Ripple’s request. The firm disclosed how the platforms refrain users from downloading their copies of the content. According to Ripple Inc, some of these clips are vital evidence relevant to the ongoing case. Meanwhile, the SEC opposed the request, claiming it would accept it if Ripple were willing to reopen discovery.
Ripple maintained that the clips would back its defense. In reaction to SEC’s position on the request, the firm argued that it isn’t aiming to reopen the discovery process with its two requests. These motions are in connection with the demand for admission the firm presented almost a year ago before the end of the fast discovery process.
While giving her ruling, the Judge discarded the SEC’s objection about Ripple trying to reopen fast discovery. While maintaining its position with the objection, the SEC, via a letter it filed early this month, stressed that it wouldn’t take place on Ripple’s request to reopen fast discovery. A legal practitioner at Hogan & Hogan legal firm added that the verification is based on standards. Therefore, there should be issues about it, and it shouldn’t be this difficult.
Ripple, in its defense, reacted to the SEC’s objection to another court decision about the mails of an ex-SEC official, William Hinman. Ripple Inc. Indicated that the US SEC misrepresented the judge’s rulings. The ongoing fracas further highlights the vast difference in understanding between the two parties.
Meanwhile, there are high hopes for the ongoing legal tussle between the SEC and Ripple Inc. Crypto enthusiasts and other concerned stakeholders are keeping close attention to the situation. It’s widely believed that the case’s final verdict will go a long way in determining the industry’s fate.
Also, it will serve as precedence to state clearly the responsibilities attached to the oversight functions of the SEC in the crypto space. As it stands, Ripple Inc. is unveiling some evidence that has helped the firm stay in a commanding position in its challenge against the SEC. One of the most prominent pieces of evidence Is the Hinman speech where the erstwhile SEC official admitted that XRP isn’t a security.
The revelation has helped Ripple gain substantial ground in its argument over the worthiness of the SEC in sanctioning the firm. The general opinion in the crypto space rules that the SEC went outside its boundaries to sanction the firm. However, the final verdict of the case will help confirm the opinion.
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Source: https://insidebitcoins.com/news/ripple-secures-court-approval-to-authenticate-critical-videos