Gary

James

<p>The post <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-has-filed-its-response-opposing-the-secs-motion-to-compel/" rel="noopener noreferrer nofollow">Ripple vs SEC: Ripple Has Filed Its Response Opposing the Sec’s Motion to Compel</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In the ongoing legal saga between Ripple Labs Inc. and the U.S. Securities and Exchange Commission, Ripple filed a response on January 19, opposing the SEC’s motion to compel. James K. Filan, former federal prosecutor and defense lawyer, updated the latest filing on Twitter, showing Ripple’s stance on the SEC.</p>
<h2 class="wp-block-heading" id="h-ripple-s-response-to-sec-motion"><strong>Ripple’s Response to SEC Motion</strong></h2>
<p>In response to the SEC’s motion, Ripple’s legal team outlined two primary objections.&nbsp;</p>
<p>Firstly, Ripple argues that the SEC’s requests are <a href="https://www.dropbox.com/scl/fi/79ud2r24jbxjom5gkgjma/Ripple-Response-to-SEC-Motion-to-Compel.pdf?rlkey=lvq0c6mq27yte2d4wmv2j2rrb&amp;dl=0" rel="noopener noreferrer nofollow"><strong>untimely</strong></a>, emphasizing that the SEC had “ample opportunity” during fact discovery to seek the information it now demands. Ripple contends that reopening discovery at this stage is unfair and could unnecessarily prolong the legal proceedings.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/Ryo6hARy2Lrzo5KsWlFOGhYfhnAJl6e1Efh853-sSpyZCqnjwBNTTTL1IWAEYQw7TfmH8dhuzQ_Ax0D4FmDofiVjmi5mZWje6URujg-LRINXn-d92WPFZ76B1CGz7ZJaYgtP2ylsdZpU2pzKIxSkaeg" alt="">
</figure>
<p>Secondly, Ripple asserts that the SEC has <a href="https://www.dropbox.com/scl/fi/79ud2r24jbxjom5gkgjma/Ripple-Response-to-SEC-Motion-to-Compel.pdf?rlkey=lvq0c6mq27yte2d4wmv2j2rrb&amp;dl=0" rel="noopener noreferrer nofollow">failed to justify </a>the relevance of the requested information to the court’s determination of remedies. The SEC’s demands include audited financial statements for 2022 and 2023, details of post-complaint contracts for XRP sales, and information on “XRP Institutional Sales proceeds” after the complaint filing. Ripple questions the necessity of this information, arguing that it does not impact the court’s decision on penalties.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/4Hz-H5GVEvriZUL0A0Q1KGnmZ4d5LGnxXZ36qUKMs25nHCelt84b-CVJOm9pqjy0xrK0KuqUQ8mi53WmXe3qfuWRlz-p9oX48i8nFJobgl-d9aQoa_YUs9MkPfL3C33gkHsVEojpaJR34AbIGSE879Y" alt="">
</figure>
<h2 class="wp-block-heading" id="h-insights-from-james-k-filan-and-wrathofkahneman"><strong>Insights from James K. Filan and WrathofKahneman</strong></h2>
<p>Former federal prosecutor James K. Filan <a href="https://x.com/FilanLaw/status/1748472925265568083?s=20" rel="noopener noreferrer nofollow">updated </a>us by posting Ripple’s latest Court filing against the SEC. On the other hand, WrathofKahneman, known for providing valuable insights on Ripple’s legal battles, shared highlights from Ripple’s court filing on Twitter. According to him, Ripple’s objections emphasize the untimeliness of the SEC’s requests and the lack of merit in the demands.</p>
<p>Additionally, WrathofKahneman provided a detailed breakdown of Ripple’s arguments against the SEC’s motion. He underscored Ripple’s concerns about the SEC attempting to gather unnecessary information and potentially delaying the legal process. The <a href="https://x.com/WKahneman/status/1748498054360231978?s=20" rel="noopener noreferrer nofollow">thread </a>delves into procedural issues, including the closure of fact discovery, potential unfairness, and the SEC exceeding allotted interrogatories.</p>
<h2 class="wp-block-heading" id="h-community-reactions"><strong>Community Reactions</strong></h2>
<p>Twitter users expressed varying sentiments regarding the unfolding legal drama. User Mark <a href="https://x.com/Xcryptic589/status/1748478734774968558?s=20" rel="noopener noreferrer nofollow">humorously </a>envisioned a wrestling-style showdown between Ripple CEO Brad Garlinghouse and SEC Chair Gary Gensler, with Ripple emerging victorious. Others, like user <a href="https://x.com/sphynxmaine/status/1748476948375056778?s=20" rel="noopener noreferrer nofollow">Kyle</a>, focused on the procedural aspect, highlighting Ripple’s attempt to prevent the SEC from obtaining what they deemed irrelevant information.</p>
<p>As the Ripple vs. SEC legal showdown continues, the latest response from Ripple reveals a strategic and firm opposition to the SEC’s compelling motion. The arguments presented by Ripple lay strict weight on procedural fairness and question the necessity of the SEC’s information requests.</p>

Ripple vs SEC: Ripple Has Filed Its Response Opposing the Sec’s Motion to Compel

Table of Contents

CoinPedia News

Other articles published on Jan 20, 2024

FTX & Celsius Transfer $43 Mln ETH, WBTC, MATIC Amid Bankruptcy Liquidation

Cryptocurrency Analysis Company Messari Published Its Latest Report on Tron (TRX): What’s the Lat...

Bitcoin ETFs Greenlit by SEC Increase Volatility, S&P 500 Seen as Leading Indicator

Palworld Dedicated Servers: Easy Setup, Joining, and Customization Guide

Solana Struggles to Overturn Bearish Momentum as Bears Dominate

High-Level AI Summit with World Economic Forum (WEF)

Join our free newsletter for daily crypto updates!