Ripple continues to see new developments every week with the ongoing lawsuit between the SEC and the fintech firm. Curiously, the Amici motion has become another favorite of the SEC. In fact, the SEC v. Ripple case has made XRP holders suffer losses for a long time now.
Protect the “expert”
Plaintiff, on 18 June, objected to the Ripple Defendants’ Motion, highlighting ‘Exhibit.’ An excerpt of the expert’s deposition transcript- as a ‘judicial document.’ Likewise, provided reasons to counter Exhibit O in connection with amici’s request to participate in the SEC expert challenge.
The SEC filed, under seal, its proposed redactions to the Ripple Defendants’ response to the SEC’s opposition. Again, it involved the amici motion to participate in the expert challenge. The SEC publicly filed a letter explaining its proposed redactions as showcased by James Filan, a famed attorney.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC filed, under seal, its proposed redactions to the Ripple Defendants’ response to the SEC’s opposition to the amici motion to participate in the expert challenge. The SEC also publicly filed a letter explaining its proposed redactions. pic.twitter.com/w0OhPH7ysK
— James K. Filan 🇺🇸🇮🇪103k+ (beware of imposters) (@FilanLaw) June 23, 2022
This move comes on the heels of testimony from an expert SEC witness – Patrick B. Doody – who reported on what information ‘reasonable’ XRP holders relied on while buying the token. To protect the expert, the SEC asserted,
“The proposed redactions to the Response are narrowly tailored to serve the “higher value” of protecting witness safety in light of the likelihood that past harassment and threats will continue in the absence of such steps.”
Ergo, the SEC sought to seal ‘footnote 1 of the Response‘, which includes information about the substance of the Expert’s report. The remaining proposed redactions to the Response relate to information about the threats and harassment of the Expert outlined in the ‘SEC opposition bet’.
This might be the key reason, the proposed redactions are ‘tailored to serve that interest.’
But isn’t it ‘protect all’
Yes, the SEC aimed to protect the respective expert from any potential damages. Furthermore, Jeremy Hogan who questioned SEC’s motive here stated,
“If only the SEC was this enthusiastic to protect retail XRP holders!”
Also, the current crypto correction just added more fuel to the fire. XRP dropped to the $0.36 mark following the harsh liquidations. Nonetheless, it did bounce by more than 12% at press time, therefore, showcasing the will to live.
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