SEC vs Ripple: SEC’s Latest Response Is Not In Favor Of Public, Claims Ripple

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It appears as if the Ripple vs. SEC lawsuit is a never-ending battle. In a recent update, SEC has now requested to keep its reaction towards the amici motion, which is related to the Dauber challenge, private. 

Ripple’s response to this firmly states that the facts are not as per SEC’s claims, where earlier the SEC had claimed the details that the commission wants to keep private are already accessible to the public by counsel John Deaton.

Ripple’s response was addressed by Judge Torres of the Southern District Court of New York.

In the SEC vs. Ripple case, everyone involved is supposed to file their Daubert motions, a move that looks to exclude experts’ statements to the court on July 12. 

SEC Is Misusing The Protective Order

No, the Ripple team claims that SEC’s stand not to disclose the expert names is not in favor of the public. As per Ripple’s lawyers, this move by the SEC is unusual and is not required. The lawyers also claimed that the SEC is misusing the Protective Order to prevent its experts’ criticism from reaching the public.

In the latest update, the SEC has stated that it does not support Ripple’s request to seal Exhibit O (Judicial Document) to where the SEC has opposed the six XRP investor’s proposals.

As per James Filan, this proposal is in connection with amici’s request to get involved in the SEC expert challenge.

The SEC further quotes that if a document projects any party as bad or hurts a party based on the case, it cannot be a valid justification the make is undisclosed. The SEC also brought the point that the court has already given its statement where the court is not in favor of Ripple’s request to seal the information.

The Adverse Effect on XRP Price

In a recent interview, Brad Garlinghouse claimed that Ripple was continuing its operations, assuming that the firm had lost the case against SEC. He also said that Ripple would move out of the US if there were any negative results in the Ripple vs. SEC case.

The SEC vs. Ripple case has been on since December 2020, due to which XRP holders and its price has been impacted very harshly. XRP price has dropped more than 90% from its all-time high of $3.40.