The court has recently made it known to the public that yet another conference will be taking place regarding the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple. As per the latest developments, the court may actually consider banning the SEC from making any kind of MOUs with international regulators regarding Ripple and its sensitive information.
A lawyer representing Ripple made it clear that another conference will indeed take place, one that is focused on discovery. This conference shall be concerning the commission’s efforts towards gaining documentation via foreign regulators in regards to Ripple with the intention of using it in the lawsuit.
As abovementioned, yet another conference will be held to help determine the status of the lawsuit. This conference will take place on the 30th of April 2021 through the use of telephone and online video calls. The conference shall be primarily concerned with the commission’s attempt to establish relations with international regulators that may have, in fact, dealt with Ripple in various other nations.
It has already been proven that the SEC was constructing MOUs with the regulators so that the commission could gain access to sensitive data and information from Ripple in an effort to gain the upper hand in the lawsuit. These regulators would then use their influence and power to obtain various documents and information that may be deemed relevant to the case.
Furthermore, it had also been stated that up to 4,000 people might join in on the conference as passive participants and listeners. Regarding any potential breach of security as a result of this decision, the community was reminded that any and all unauthorized efforts towards recording or live-streaming the conference would be subject to penalties as well as numerous criminal sanctions under the law. The inclusion of the silent listeners is an attempt at ensuring that the case and its proceedings are as transparent and unbiased as possible.
Court’s decision may benefit Ripple
It had been during a discourse on a comment thread that the abovementioned lawyer (James K. Filan) had responded to a fan regarding what the conference’s outcome could be. Filan stated that it is likely that the court will make a ruling in Ripple’s favor. He further added that if things go exceedingly well then the court may also order the SEC to hand over any and all findings and reports that it did obtain from the foreign regulators regarding Ripple.
We still have just about nine days till the conference, and only time will truly tell what will happen once it takes place towards the end of the month.