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You are here: Home / Archives for Securities and Exchange Commission [SEC]

Securities and Exchange Commission [SEC]

Here’s how Ripple CTO Congratulated Elon Musk Over His Victory

February 4, 2023 by Aishwarya shashikumar

The chief technology officer of the massive Ripple Labs, who has recently been highly active on Twitter, not just on cryptocurrency subjects, issued a tweet that appears to be a congratulations to Elon Musk. The jury in the case brought by the SEC against Musk in 2018 as a result of his “420” Tesla tweet found the tech tycoon not guilty. However, the Ripple CTO’s tweet focuses on XRP rather than Tesla. Schwartz cautions that this tweet is a prank just in case.

Elon Musk received a significant victory after a jury dismissed investor charges that he broke the law when he tweeted in 2018 about possibly taking Tesla Inc. private.

After about two hours of discussion, the nine-person jury reached a decision on Friday afternoon, concluding that the investors who had filed the class-action lawsuit had failed to establish their claims against Mr. Musk or the electric vehicle firm he leads.

Mr. Musk, who had earlier attended court to hear the parties’ closing arguments, was not there when the decision was announced. Later, he tweeted his gratitude for the jury’s unanimous verdict and said,

“Thank goodness, the wisdom of the people has prevailed!”

Thank goodness, the wisdom of the people has prevailed!

I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.

— Elon Musk (@elonmusk) February 3, 2023

The issue is related to the Tesla CEO’s tweets from more than four years ago that suggested selling the business.

Before this case got to trial, U.S. District Judge Edward Chen had previously determined that certain of Mr. Musk’s claims about possibly taking the business private were untrue and that the CEO had acted recklessly in making them.

Among other things, jurors were required to evaluate whether Mr. Musk’s tweets were relevant to investors and whether the misrepresentations resulted in damages for investors.

The jury’s foreperson, Robin Cadogan, declared that he wasn’t persuaded by the claims that the tweets were relevant. After the verdict was read, it was reported that Cadogan told the attorneys,

“The overall message, it just didn’t land. There was nothing there to give me an ‘aha’ moment.”

Significant Victory To Ripple’s Ally Over SEC

Ripple’s David Schwartz tweeted his own satirical congratulations to Musk “At $420, I’m buying XRP private. funding arranged.”

It’s important to note that the American securities regulator has started to focus on both Elon Musk and Ripple. In December 2020, the government filed a lawsuit against the San Francisco-based fintech company, charging that it and its co-founder and CEO made billions of dollars selling unregistered securities like XRP to institutional investors.

Now that Elon Musk has been found not guilty in the SEC case, the cryptocurrency community anticipates that Ripple will triumph in court against the securities regulator this year as well.

Filed Under: News, World Tagged With: david schwartz, Elon Musk, ripple, Ripple CTO, Securities and Exchange Commission [SEC]

Grayscale CEO Believes SEC Leashing Crypto Hampers Its Growth

January 25, 2023 by Aishwarya shashikumar

Undoubtedly, US regulators have taken steps to safeguard bitcoin investors. But lately, a lot of red flags have been raised by neighborhood residents. There were rumors that something “huge” would be announced when the Department of Justice first said it would “announce a major, international cryptocurrency enforcement action.”

That wasn’t the case, though. Community members were incensed by the government’s action against the less well-known cryptocurrency exchange Bitzlato. In fact, some openly questioned whether the most recent event was intended to divert attention from the fact that they had no reason to suspect anything about FTX.

Grayscale CEO Highlights SEC’s Regulation Repercussions

Even established members of the group began sharing their perspectives about the matter, apart from the community. Grayscale executive Michael Sonnenshein criticized the SEC’s “one-dimensional approach of regulation by enforcement” in a letter to the Wall Street Journal.

He agreed with the claim that the SEC had been “late to the game” when it came to regulating the cryptocurrency market. The CEO of Grayscale also stated that the SEC should “certainly try” to get rid of dishonest people. However, he emphasized that it shouldn’t be done “at the expense of efforts to develop appropriate regulation.”

"The SEC should certainly try to eliminate bad actors, but that shouldn’t come at the expense of efforts to develop appropriate regulation. We are suing the SEC on these very grounds." @Sonnenshein via @WSJopinion $BTC $GBTC https://t.co/nkwcvSI1gp

— Craig Salm (@CraigSalm) January 23, 2023

Outlining the effects and demonstrating how it has impeded the industry’s expansion, he remarked,

“The SEC’s inaction has prevented Bitcoin’s advancement into the US regulatory perimeter, often forcing U.S investors offshore with less protection and oversight… We are seeing the consequences of the SEC’s priorities play out in real-time—at the expense of U.S. investors.” 

Grayscale filed a lawsuit against the SEC in the middle of 2022 after it rejected its request to convert its Bitcoin trust into a spot-based Exchange Traded Fund.

Grayscale submitted documents to the SEC in October of last year in order to turn its Bitcoin Trust into an ETF. Following several extensions, the regulatory agency on Wednesday issued a rejection decision. Likewise, Grayscale’s application did not address the regulator’s concerns regarding how it would guard against market manipulation and safeguard the interests of investors and the general public.

Grayscale decided to quickly traverse legal waters when the rejection order was issued. The CEO of Grayscale, Michael Sonnenshein, announced on Twitter that a lawsuit had been filed to contest the SEC’s judgment.

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: Cryptocurrency, Grayscale Bitcoin Trust, Grayscale Investments, Securities and Exchange Commission [SEC]

When It Rains, It pours: SBF To Face Separate Charges from SEC

December 13, 2022 by Aishwarya shashikumar

Sam Bankman-Fried (SBF), the disgraced founder of the cryptocurrency exchange FTX, is still in for more bad times.

Sam Bankman-Fried will face charges from the United States Securities and Exchange Commission (SEC), which will be distinct from the ones that led to his most recent detention in The Bahamas, on December 12.

The SEC tweeted a remark from Gurbir Grewal, the director of its division of enforcement, indicating that the organization has “authorized separate charges relating to his violations of securities laws.”

Gurbir Grewal: We commend our law enforcement partners for securing the arrest of Sam Bankman-Fried on federal criminal charges. The SEC has authorized separate charges relating to his violations of securities laws, to be filed publicly tomorrow in SDNY. https://t.co/ON0LgY4mf4

— U.S. Securities and Exchange Commission (@SECGov) December 13, 2022

Grewal stated that the Southern District of New York would get the charges “tomorrow,” on December 14. (SDNY).

Only a few hours have passed since Sam Bankman-Fried was detained in The Bahamas on December 12 before the SEC made its announcement.

Attorney General of the Bahamas, Senator Ryan Pinder said in a statement that the arrest came as a result of receiving official notice from the US that it has charged SBF with crimes and will likely ask for his extradition.

Although specifics about the allegations have not been confirmed, it is believed that they relate to money laundering, conspiracy to commit money laundering, and wire and securities fraud.

Grewal praised the “law enforcement partners” of the SEC in his most recent statement for securing Bankman-arrest Fried’s on federal criminal charges.

News of SBF’s Arrest Floods Crypto Twitter

Crypto Many people were shocked that Sam Bankman-Fried had been arrested in the Bahamas so swiftly, and Twitter has gone crazy over the surprising news.

The disgraced FTX founder was detained by the Royal Bahamas Police on December 12 after they learned that the US government had charged him with a crime.

Within a few hours, influencers, lawmakers, and crypto executives were all logged into their Twitter accounts to post reactions to the former CEO’s arrest.

The arrest of Bankman-Fried was a step toward “justice being served,” New York Democratic Representative Alexandria Ocasio-Cortez told her 13.4 million Twitter followers. However, she added that the arrest would delay Bankman-testimony Fried’s before the House Financial Services Committee, which was scheduled for December 13.

Bankman-Fried was set to testify before the House tomorrow. Tonight he was arrested.

While I am disappointed we will not have the opportunity to present our line of questioning, we look forward to more information coming to light and justice being served in this case. https://t.co/HS9u1n5Kur

— Alexandria Ocasio-Cortez (@AOC) December 13, 2022

In a tweet, U.S. Senator Cynthia Lummis expressed her satisfaction with the prosecution’s choice to charge Bankman-Fried with the “good, old-fashioned fraud” that she believed he had committed.

Elizabeth Warren, a fellow senator from the United States and a crypto skeptic, concurred, saying in a tweet to her 7 million followers on December 13 that the U.S. Department of Justice needs to hold more criminal business CEOs accountable.

Others seized the chance to make fun of everything. Using ChatGPT, Benjamin Cowen, the CEO and founder of the crypto-analysis channel Into The Cryptoverse, wrote poetry about Bankman-Fried’s most recent situation.

Memes are currently trending on Twitter in the meantime.

Sam Bankman-Fried finally goes to jail for FTX fraud do they have League of Legends in prison? pic.twitter.com/sAmF20KoOU

— DRE THE NOID (@THEGOONEEZ) December 13, 2022

Since FTX’s shocking collapse in November, a lot has been said about Bankman-Fried’s Twitter messages and media appearances.

Trung Phan, the co-host of Not Investment Advice, stated to his 538,000 Twitter followers on December 13 that SBF’s erratic public behavior will make it more difficult for his defense lawyer to represent him. Others think that after being arrested, SBF will likely point the finger at coworkers and people connected to the FTX scandal, including those who received his sizable political donations.

When asked about the potential during what is probably his final Twitter Spaces interview, with Unusual Whales on December 12, SBF responded, “I don’t think I’ll be arrested.”

According to a Dec. 12 press release by the Bahamas’ Office of the Attorney General, the Royal Bahamas Police Force made the arrest after receiving official information from the US that it has charged Bankman-Fried.

Filed Under: News, Crypto Scam, World Tagged With: ftx, Sam Bankman-Fried, SBF, Securities and Exchange Commission [SEC]

Ripple Gains Yet Another Supporter In Its Case Against SEC

October 30, 2022 by Aishwarya shashikumar

The Blockchain Association, a Washington, D.C.-based lobbying group promoting cryptocurrencies, applied late Friday for permission to assist Ripple in its continuing legal battle with the Securities and Exchange Commission (SEC) as a friend of the court.

At the end of 2020, the SEC filed a lawsuit against Ripple because it had offered XRP as an unregistered security. The parties recently filed their applications for summary judgement after the case underwent a series of procedural motions. The Blockchain Association requested both permissions to join the lawsuit and the actual amicus brief from the court hearing the matter on Friday.

The motion for leave said,

“The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry).”

Ripple’s lawsuit: The saga

The motion for leave’s actual brief, according to a memorandum of law in support of it, highlights other uses of crypto tokens in the sector, not simply Ripple.

The brief itself claims that the SEC “unlawfully” examined secondary sales as evidence that the corporation was breaking federal securities laws and urges the court to consider a token’s specific purpose.

The lawsuit continued by stating that many tokens are used in secondary market transactions and do not adhere to the various criteria laid forth in the Howey Test, a Supreme Court decision that is frequently cited as a precedent for determining whether an asset qualifies as a security.

The brief spends a significant amount of time discussing the issue of how broadly securities rules apply to tokens outside of initial sales. The filing further said,

“The securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.” 

With the court’s approval, the Investor Choice Advocates Network and SpendTheBits Inc. submitted their amicus brief on Friday.

These organizations stated that the SEC is making its case based on a “vague” definition of an “investment contract” and cited ongoing legislative initiatives to outline the SEC’s jurisdiction over cryptocurrencies.

Filed Under: News, World Tagged With: blockchain association, Lawsuit, Ripple (XRP), Securities and Exchange Commission [SEC]

Here’s how Ripple’s Partner rattled SEC with its big move

October 14, 2022 by Aishwarya shashikumar

Ripple has had a busy few weeks, both in terms of business and legal disputes with the US Securities and Exchange Commission. The trial judge’s decision to allow Ripple’s partners to voice their opinions in court was only made public yesterday, and today Filipino I-Remit formally sent an extended amicus brief.

#XRPCommunity #SECGov v. #Ripple #XRP I-Remit, Inc. has formally filed its Amicus Brief in Support of the Ripple Defendants' Motion for Summary Judgment.https://t.co/lKYDwvVzOY

— James K. Filan 🇺🇸🇮🇪 120k (beware of imposters) (@FilanLaw) October 13, 2022

The new edition is a revised version of a stunning brief that the corporation released in late September. It details how the Filipino payments company employs Ripple technologies, such as RippleNet and ODL, and illustrates why XRP is not a security, contrary to what the American regulator alleges. I-assertions Remit’s in the submitted amicus brief regarding the SEC’s capacity to comprehend the cryptocurrency industry are of special significance. The former director of developers at Ripple, Matt Hamilton, commented on the I-Remit filed brief and noted that one fascinating result of these declarations is that they demonstrate the actual use of XRP by such businesses.

Ripple continues to build global relationships

Both the litigation and the market downturn have not prevented Ripple from consistently expanding. The network continued to expand, and its on-demand liquidity (ODL) was consistently shown to be thriving. The network has now opted to collaborate with two significant platforms in Sweden and France in an effort to increase its ODL business and European presence.

Crypto platforms have had their eyes on numerous European countries over the past few months. France has frequently been a popular option for exchanges. The XRP-firm collaborated with Lemonway, a payment business based in Paris, to introduce ODL services in France.

Jeremy Ricordeau, the Chief Operating Officer of Lemonway, remarked that the ODL solution from Ripple offers payment flexibility. He emphasized the network’s negation techniques and said,

“The traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering.”

The SEC-troubled firm was launching its ODL service in additional countries along with France. With the help of the well-known Swedish money transfer company Xbaht, the network took a turn in Sweden. It should be highlighted that this platform facilitates the transfer of funds between Thailand and Sweden.

As a result of its most recent relationship with Ripple, Xbaht will provide “instant and cost-effective” retail remittances through ODL with Tranglo, the cross-border payment hub located in Singapore.

Filed Under: News, World Tagged With: Ripple (XRP), Ripple Partners, Securities and Exchange Commission [SEC]

SEC takes on NFTs: Yuga Labs under investigation

October 12, 2022 by Aishwarya shashikumar

Non-Fungible Tokens are now not in the best condition. There has been a noticeable decline in NFT sales on various NFT markets, notably OpenSea, indicating that the enthusiasm surrounding the technology has worn off. However, as evidenced by the SEC’s probe into Yuga Labs, the attention surrounding NFTs doesn’t seem to be abating.

Yuga Labs, the company behind Bored Ape Yacht Club (BAYC), is under investigation by the US Securities and Exchange Commission (SEC), according to Bloomberg. The goal of the investigation is to determine whether the Non-Fungible Tokens collection from the Bored Ape Yacht Club broke any federal laws.

BAYC NFTs categorized as securities?

According to the information provided by the person with knowledge of the situation, the SEC is considering whether any of the NFTs offered by Yuga Labs are comparable to securities and whether they need to adhere to the same regulations.

bayc sixteen nine
BAYC NFTs

The SEC is also investigating the manner in which ApeCoin was given to members of the Bored Ape Yacht Club and related NFTs. The investigation has not yet been made public, and it does not establish any wrongdoing on the part of Yuga Labs.

Yuga Labs stated,

“It’s well-known that policymakers and regulators have sought to learn more about the novel world of web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem.” “As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.”

The SEC is also investigating the potential that a security-like property exists in ApeCoin. In addition to giving the holders APE, BAYC gave them a say in their DAO.

The regulators are now paying more attention to digital assets, crypto companies, and the overall crypto sector. It is a part of ongoing efforts to make sure that crypto businesses and the entire market abide by the rules.

Filed Under: News, World Tagged With: BAYC, NFT, Non-Fungible Tokens, Securities and Exchange Commission [SEC], Yuga labs

XRP lawsuit: Amicus brief request approved

September 23, 2022 by Aishwarya shashikumar

In the XRP Lawsuit, the two sides had fought one another once more. The legal counsel for Ripple had taken issue with the SEC’s interpretation of the Chamber of Digital Commerce amicus papers. Ripple criticized the SEC’s actions in asking the Court for more time or pages so that more amici curiae may submit briefs.

This incident was caused by the Chamber of Digital Commerce asking for amici status. In this motion, the SEC chose not to “take a position.” However, if more amicus papers are permitted, the SEC has asked the Court to allot extra time and/or pages.

The Chamber of Digital Commerce submitted copies of their amicus brief motion, memorandum of law, and a statement from Lilya Tessler, the group’s amicus brief attorney, to Judge Analisa Torres in response to a request.

According to Ripple, the SEC should use the space allotted in its opposition and reply briefs to respond to points made by amici. Ripple also said that the SEC should do so in the already set briefing schedule while speaking before Judge Torres.

John Deaton, the creator of CryptoLaw, also offered his thoughts on the subject in a recent tweet. Deaton slammed the SEC’s most recent action as “pathetic and embarrassing” and expressed his outrage at it.

He considers the call for a postponement to be “mean and cruel” because it targets XRP investors. The XRP Lawsuit’s main focus has been on John Deaton’s issues with the SEC.

The claim that SEC lawyers, with all their Ivy League Law Degrees and wealth of experience in securities laws, need more time to respond to the “Twitter Lawyer”, (as they called me) is both pathetic and embarrassing. https://t.co/GDbTgjxz8V

— John E Deaton (214K Followers Beware Imposters) (@JohnEDeaton1) September 20, 2022

So, with Ripple’s most recent response, the question is: Where does the case go from here? The Court will probably prolong the SEC’s delays, but this will do absolutely nothing to bring the matter to a successful conclusion.

In his tweet regarding the SEC’s plans to target XRP holders’ “fear,” Deaton seems to have had a point. However, it is now up to the SEC to show whether he is correct or not.

Could XRP’s request approval be a boon for regulatory clarity?

The court has granted the Chamber of Digital Commerce’s request to submit an amicus brief. CEO Perianne Boring argues that the high-stakes case offers the client a chance to establish the legal guidelines for the cryptocurrency sector. The outcome of this case, in Boring’s opinion, will have a substantial impact on the cryptocurrency market in the United States.

#XRPCommunity #SECGov v. #Ripple #XRP The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief, and the parties' responses, and has granted the Chamber's request. The Order and Brief are below.https://t.co/NMTSW1IcVY

— James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 21, 2022

A clear and uniform set of regulations are required for the developing sector, according to the head of the Chamber of Digital Commerce. The Chamber of Digital Commerce stated in its brief that it had no opinion about whether or not the token is an unregistered security. It does, however, want to make sure that the legal framework is “clear and consistent” for digital assets.

Furthermore, to expedite the case, Ripple and the SEC both filed requests for summary judgment last week. There is no need for a trial because, according to the parties, the court has access to sufficient information to render a decision.

Filed Under: News, Altcoin News, World Tagged With: Cryptocurrency, Ripple (XRP), Securities and Exchange Commission [SEC], xrp

Ethereum transactions monitored by US Government?

September 20, 2022 by Aishwarya shashikumar

With significant enhancements like the Merge taking center stage, Ethereum [ETH] has surely been the buzz of the crypto town. In addition, the network’s switch to proof-of-stake [PoS] has fueled rumors that ETH will be classified as a security. Now, the SEC asserted in a lawsuit against crypto influencer Ian Balina that ETH transactions that took place in the United States immediately fell under the government’s radar, further bolstering this case.

Balina was accused of selling unregistered tokens, for which it was sued. Before launching an initial coin offering [ICO] in 2018, he failed to register his project as a security. The crypto influencer flat-out refuted these allegations. The crypto community is presently making assumptions about the SEC’s extensive statement in the case, though. The lawsuit claimed that it had the power to prosecute Balina since the SEC has authority over the Ethereum network in the 69th paragraph.

Screenshot 182
Source: Twitter

The Balina-curated investment pool reportedly included a range of investors situated in the United States. Additional ETH contributions were validated by a network of Ethereum blockchain nodes. As a result, the SEC claimed,

“ETH contributors were validated by a network of nodes on the Ethereum blockchain, which are clustered more densely in the United States than in any other country. As a result, those transactions took place in the United States.”

Furthermore, it should be noted that 3340 out of the 7819 Ethereum nodes, or 42.56 percent, are currently located in the US.

Screenshot 184
Source

Ethereum’s stance

Following the Merge, there has been a significant backlash against the Ethereum network. As was already indicated, some were speculating that since the network would now be regarded as a security, the SEC would have jurisdiction over it. Others, though, were criticizing ETH’s degree of decentralization.

In the midst of all of this, the network would suffer from the SEC’s most recent pronouncement. Several legal experts pointed out that the wording of the complaint would be observed even if it would not have any legal relevance.

Screenshot 185
Source: Twitter

Furthermore, at the time of writing, Ethereum (ETH) was priced at $ 1,361.54 and had taken a plunge of 0.50% over the last 24 hours.

Filed Under: News, Altcoin News, World Tagged With: Cryptocurrency, Ethereum (ETH), Securities and Exchange Commission [SEC]

Will Ethereum attract SEC scrutiny? Here’s why it seems like it

September 16, 2022 by Aishwarya shashikumar

The Merge wasn’t a significant occurrence just for the Ethereum network. One of history’s most eagerly awaited events had happened, and the whole crypto sector rejoiced. The network’s switch to Proof-of-Stake [PoS] from Proof-of-Work [PoW] is viewed as revolutionary by some and harmful by others. The majority of the cryptocurrency community was excited to see how this initiative plays out for the network, despite the fact that Bitcoin maximalists and ETH miners weren’t on board with this shift.

Vitalik Buterin and Joseph Lubin, the creators of the world’s second-largest cryptocurrency, were busy celebrating and thanking everyone involved in the process. While doing so, several of them praised the smooth conversion of the ETH network to PoS. Eli Ben-Sasson, the president of StarkWare, compared the Webb Telescope to the Merge on Twitter.

Along with all the compliments, there was also criticism. As was already indicated, many have noted that ETH was breaking the rules of the cryptocurrency market by allowing the Merge.

Screenshot 175
Source: Twitter

Samson Mow poked fun at Ethereum’s seamless conversion to PoS and commented,

“ETH fanboys watching the Merge with anticipation is funny. There can be no technical failures in Ethereum because Ethereum’s existence isn’t predicated on any technology – it already failed in 2016 with the DAO fork. What exists today is a database run by a marketing company.”

SEC to get involved post-Ethereum Merge

Amidst this historic event, Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), reiterated his support for monitoring on Thursday by stating that staked cryptocurrencies may be governed by federal securities laws. This comes after Ethereum switched to a similar system.

im 624160
SEC chairman Gary Gensler

The Wall Street Journal quotes Gensler as saying that proof-of-stake (PoS) blockchains, which create new coins for creators who pool their holdings, take on characteristics similar to investment contracts and may fall within his agency’s jurisdiction. The Journal reported that the man claimed he wasn’t referring to a specific coin.

However, the remarks, which came hours after Ethereum successfully completed its PoS shift through the Merge, suggest that the significant technological improvement may have more effects on the second-most popular blockchain than only reducing its energy consumption. Its native ether currency was one of only two cryptos, along with bitcoin, that was explicitly classified as commodities by federal regulators as a proof-of-work chain.

Filed Under: News, Altcoin News, Blockchain, World Tagged With: Blockchain, Cryptocurrency, Ethereum (ETH), Ethereum merge, Securities and Exchange Commission [SEC]

XRP-Daubert challenge to bring new news to light

July 26, 2022 by Aishwarya shashikumar

The XRP lawsuit has gained more traction than it should have since its beginning.

Now, it’s safe to say that those involved in the cryptocurrency industry are accustomed to a volatile market. Even legal proceedings continue to experience weekly new innovations in addition to cryptocurrency tokens. In this instance, the Daubert challenge edition of the ongoing legal dispute between the SEC and Ripple.

In a document, the SEC submitted its request to seal a record related to the Daubert challenge. This action follows the evidence of Patrick B. Doody, an expert SEC witness, who discussed the data that “reasonable” XRP holders used to support their purchase of the cryptocurrency.

Screenshot 96
Source: Twitter

Naturally, as the story goes, Defendant disagreed with the majority of the SEC’s suggested revisions. Plaintiff wanted to impose an “unprecedented level of secrecy on these proceedings by sealing all identifying information in the Daubert Motions regarding its five proffered expert witnesses,” which Ripple and other defendants opposed.

In a tweet today, attorney James Filan noted this development.

“They would completely obscure the identity, educational background, employment history, publications, and professional affiliations of all of the SEC’s proffered experts from public view despite such information being central to the resolution of the parties’ Dauber Motions, and despite some of that information already being public.”

The SEC provided no examples. In actuality, according to the petition, “Defendants are aware of none, where a court sealed the identity and qualifications of an expert witness in the context of deciding a Daubert motion.” Therefore, the Court should decline the offer to make history.

Apart from Plaintiff’s conjectures, the evidence at hand, according to XRP’s executives, suggested that disclosing the experts’ identities would not have the previously mentioned effect.

Instead, the SEC’s argument for the motion, according to Ripple, opposed three of Judge Netburn’s rulings in a single brief.

SEC’s objection to XRP’s motion to seal

As much as XRP supporters praised this legal dispute, the plaintiff was prompt to recognize it and answer. In connection with the expert challenges, the SEC filed a response opposing the Ripple Defendants’ motion to seal the document.

#XRPCommunity #SECGov v. #Ripple #XRP Ripple Defendants object to the SEC’s request to impose an "unprecedented level of secrecy on these proceedings by sealing all identifying information in the Daubert Motions regarding its five proffered expert witnesses." pic.twitter.com/ck3yn6SMym

— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 25, 2022
Source: Twitter

Five kinds of information presented in connection with the parties’ motions were targeted for sealing by the defendant. This includes financial information about Ripple and the conditions of a few agreements the company has with other parties. Identity of third parties, information on former Ripple employees, and certain personally identifying data.

The crowd appeared to be angry and annoyed by SEC’s constant responses. However, Jeremy Hogan, another lawyer, supported one of the important Defendant’s representatives.

Filed Under: News, Altcoin News, World Tagged With: Ripple (XRP), Securities and Exchange Commission [SEC]

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