The authorized battle between SEC and Ripple Labs continues to put on on after the most recent developments. Final week, the SEC utilized for an omnibus movement to exclude (or restrict) skilled testimony. The Ripple crew accepted the movement and filed a counter-motion as properly.
A authorized cul-de-sac
What seemed like a simple counter has now become a brawl. On 10 July, the Ripple attorneys filed a movement to hunt an expedited briefing on SEC’s “excessive place.” The court docket doc says that is the SEC’s try to hide the identification of consultants and criticism of reviews from public view.
Alternatively, the Ripple authorized crew believes that it’s “Egregious” for the SEC to suppress “Public criticisms of its consultants’ opinions,” given that almost all data within the reviews might be concerning Ripple itself. The doc claims that the SEC is abusing the Protecting Order to stop criticism of its consultants from being public.
The SEC has now filed its response to Ripple’s request for an expedited briefing concerning the disputed SEC sealing requests. Of their response, the SEC lays no objection to Ripple’s briefing schedule.
Moreover, SEC intends to guard the consultants from harassment and different threats. Earlier, one of many skilled’s identities was revealed which precipitated security threats since his identify was publicized by amici. By and enormous, the SEC desires to seal skilled testimony within the identify of a “greater worth” of defending witness security.
That being mentioned, the court docket doc acknowledged,
“If the court docket has not dominated on the SEC’s pending purposes earlier than 22 July (the proposed deadline for the events’ motions to seal), the SEC intends to maneuver to provisionally seal Defendants’ movement regarding the Professional as properly the names and figuring out data of the SEC’s different consultants.”
Greener pastures forward?
Whereas this authorized battle drags on, the SEC is up for an important assembly in direction of the tip of the month. Ron Hammond, Director of Authorities Relations at Blockchain Affiliation, tweeted concerning the assembly not too long ago.
This week in Congress and crypto: Congress approaches a troublesome 3 week summer season stretch to deal with a whole lot of urgent points. Whereas crypto is on no account prime of thoughts for Members proper now, it is going to nonetheless be a busy month. Hearings, payments, and what else to count on this month from Congress
— Ron Hammond (@RonwHammond) July 11, 2022
He referred to as it the “most high-profile” listening to for the business this month because it focuses on SEC’s Division of Enforcement. Hammond mentioned that there are nonetheless a whole lot of matters to be mentioned. These embrace pending crypto payments, SEC/CFTC jurisdiction, stablecoins, safety legal guidelines, and tax readability as properly.