The authorized battle between SEC and Ripple Labs continues to put on on after the most recent developments. Last week, the SEC utilized for an omnibus movement to exclude (or restrict) knowledgeable testimony. The Ripple group accepted the movement and filed a counter-motion as effectively.
A authorized cul-de-sac
What regarded like a simple counter has now was a brawl. On 10 July, the Ripple attorneys filed a movement to hunt an expedited briefing on SEC’s “extreme position.” The court docket doc says that is the SEC’s try to hide the identification of consultants and criticism of studies from public view.
On the opposite hand, the Ripple authorized group believes that it’s “Egregious” for the SEC to suppress “Public criticisms of its experts’ opinions,” given that almost all data within the studies will likely be concerning Ripple itself. The doc claims that the SEC is abusing the Protective Order to forestall 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. In their response, the SEC lays no objection to Ripple’s briefing schedule.
Additionally, SEC intends to guard the consultants from harassment and different threats. Earlier, one of many knowledgeable’s identities was revealed which induced security threats since his identify was publicized by amici. By and enormous, the SEC needs to seal knowledgeable testimony within the identify of a “higher value” of defending witness security.
That being stated, the court docket doc acknowledged,
“If the court has not ruled on the SEC’s pending applications before 22 July (the proposed deadline for the parties’ motions to seal), the SEC intends to move to provisionally seal Defendants’ motion relating to the Expert as well the names and identifying information of the SEC’s other experts.”
Greener pastures forward?
While this authorized battle drags on, the SEC is up for a vital assembly in direction of the tip of the month. Ron Hammond, Director of Government Relations at Blockchain Association, tweeted concerning the assembly not too long ago.
This week in Congress and crypto: Congress approaches a troublesome 3 week summer time stretch to handle quite a lot of urgent points. While crypto is in no way prime of thoughts for Members proper now, it would 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 stated that there are nonetheless quite a lot of subjects to be mentioned. These embody pending crypto payments, SEC/CFTC jurisdiction, stablecoins, safety legal guidelines, and tax readability as effectively.