In the latest update to the Ripple lawsuit, the defendants have filed their Response opposing SEC’s Motion to seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment.
Likewise, former federal prosecutor and U.S. attorney James K. Filan tweeted that Ripple’s legal team had reacted to the regulator’s most recent move to redact some of the records it had submitted in connection with a summary judgment case.
This documentation appears to be somewhat connected to Dr. Hinman’s communications.
The Dropbox document posted by Filan in his tweet bears a link that indicates Ripple has objected to the SEC’s request to seal the records it previously provided in connection with the parties’ Cross-Motions for Summary Judgment.
The Ripple defendants wrote in the letter that it is crucial that the public have access to the court records now that the case has reached the stage of summary judgment.
According to the letter, the regulatory agency’s legal team is requesting that the names and identifying details of witnesses “whose testimony the SEC plans to rely upon to support its case” be kept confidential in this particular matter.
Jeremy Hogan, partner at Hogan & Hogan took to Twitter recently to offer his opinion on what might happen to XRP if Ripple loses its legal action against the American securities commission.
If Ripple Loses, What Else Could Happen?
Hogan predicted that since the U.S. accounts for 25% of global economic activity, XRP will likely lose 25% of its usefulness in that scenario.
Many in the crypto community think that Ripple’s legal outcome would leave lasting implications in the industry. Therefore, if the blockchain firm were to lose to the SEC, this would have a severe effect on the cryptocurrency market in the United States as well as the XRP price, which sharply dropped when the case started in late December 2020.
As reported by TronWeekly, Leading Fox Business writer Charles Gasparino highlighted his reasons why the SEC concentrated on Ripple while giving Sam Bankman-Fried and FTX free reign.
According to him, the blockchain firm was deliberately targeted due to flouting the rules and undermining the SEC’s authority.
The journalist’s allegation was challenged by Stuart Alderoty, the General Counsel [GC] of Ripple, who launched a fresh attack on the SEC, claiming is negotiating deals behind closed doors.