The SEC is not Ready to Give Up and Back Away from Ripple Labs Lawsuit
Ripple Labs seems to be least bothered about the ongoing SEC lawsuit. The native token XRP is doing exponentially well. At the same time, the non-American partners of the enterprise are showing signs of resilience and even taking part in making strong counter statements against SEC. Due to the recent victories of defendants, Ripple Labs seem to get back on their feet and have filed for a dismissal of the lawsuit altogether.
Last month, Ripple Labs submitted a letter to the favorable Magistrate Judge Sarah Netburn about the SEC conducts outside of the legal jurisdiction and the circumference of the law. The letter addressed to the judge claims that SEC has been sending letters to 30 different persons, but they have named only 20 in their official declarations. SEC broke its silence and submitted its response in court recently.
On one side, Ripple Labs has made up its mind that the lawsuit is over and recently announced its public listing. On the other hand, SEC does not seem ready to let go of the lawsuit just yet. The SEC legal representation has shockingly admitted that they have issued MOUs to 20 parties, nine affiliates, and one enterprise and boldly rounded up the number from 20 to 30.
However, the prosecution lawyer Jorge Tenrerio has told the media that Ripple Labs has made the fatal error of disclosing protected documents in a public hearing. Tenrerio also argued that Ripple Lab’s counsel has not consulted with the SEC legal team about the details of the discovery proceedings. Since the Japanese Partners of Ripple Labs seems to be preparing for an upcoming IPO with the enterprise, the court orders likely are much of a mystery.
John Deaton has made the smart move of collecting US native XRP holders in huge numbers to qualify for a seat at the defendant’s table. The presence of a huge number of USA-bound XRP holders on the opposite side of the spectrum has put SEC in an awkward position. SEC first filed the lawsuit in December last year, claiming to be defending the public interest.
Another independent lawyer who has been quite vocal in support of XRP is Jeremy Hogan. Hogan has been criticizing SEC conduct brutally throughout the run of the lawsuit and has become a star in the XRP investor community. In a recent statement, he again rained down on SEC, saying that the regulatory agency is acting off the legal grid and their conduct can be disproved by Civil Procedure Rules.
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