Ripple and SEC have been making headlines time and again over an ongoing case. The lawsuit has taken several turns over the last couple of weeks. Now, the case seemed to be going in the favor of Ripple.
Ripple had a bitter start to the year as the Securities and Exchange Commission [SEC] of the United States of America decided to through a lawsuit against the crypto platform. The financial watchdog was adamant about XRP being nothing more than a security, however, Ripple shot down this conjecture. While the court saw no hope for a settlement, the case persisted between the two.
While Ripple has over 21 lawyers fighting against the SEC, one lawyer, James K. Filan, took to Twitter to address the latest developments in the case.
SEC Seeks Help From Foreign Regulators
In an array of tweets, Filan revealed that a telephonic discovery conference would be taking place on 30 April 2021 at 10:00 a.m. EDT (GMT -04:00). This conference was reportedly pertaining to the Commission’s attempts in seeking aid from regulators outside the region. The tweet read,
“This is discovery conference regarding the #SEC contacting foreign regulators and seeking discovery outside the Rules of Federal Procedure and the Hague Convention.”
Furthermore, several began to ask the lawyer about the court’s potential move. Filan suggested that there was a “decent chance” in the court ruling in favor of Ripple. The likelihood of the court shooting down the SEC’s MOU request was high, he added.
Additionally, the court will be allowing the public to be a part of the conference. The tweet read,
“Members of the public who wish to listen to the conference may do so by dialing: USA: (844) 291-4185; or International: (409) 207-6997, and entering Access Code 71063935, followed by the pound (#) key. This public line will accommodate 4,000 callers.”
Recently, the court denied the the financial watchdog’s plea in garnering the financial records of the current and former CEO of Ripple, Brad Garlinghouse and Chris Larsen, respectively. So far, the lawsuit seemed to be going in favor of Ripple. Even though the community’s intervention in the case was dismissed several times, the XRP community hopes to fend off the case at the earliest.