Ripple

Has The SEC’s Sword And Shield Tactics Failed To Counter Ripple’s Defense In The Lawsuit?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 2, 2022

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Highlights

    Bradley Garlinghouse files a response to the SEC’s opposition to his motion seeking disclosure of Estabrook notes.

    Industry proponents are optimistic about Ripple’s win, provided the court grants the motion.

  The global crypto market is back to scripting greener numbers on the charts. As the business has retraced its path towards a $2 Trillion market cap. In the interim, the industry’s much-talked-about Ripple vs SEC lawsuit that revolves around Ripple has arrived at yet another filing. Which this time around is filed by defendant Bradley Garlinghouse.

The filing is in response to the SEC’s opposition to Garlinghouse’s motion seeking disclosure of Estabrook notes. The space has been an audience to heated discussions around the Estabrook notes. Successively, proponents are optimistic about Ripple’s win, provided the court grants with the motion in favour of the XRP army.

Will A Grant To This Motion Accompany A Win For Ripple?

  Advocate James K. Filan has shared the recent filing made by Bradley Garlinghouse. Which as previously cited, is in response to the SEC’s opposition to Mr Garlinghouse’s motion seeking the disclosure of Estabrook notes. Which were taken in a meeting between Garlinghouse and the former SEC Commissioner Roisman, on the 9th of February 2018.

The filing cites that virtually all of the SEC’s opposition is spent trying to equate the Estabrook notes. With those taken during a 2019 meeting between third-party SBI holdings and commissioner Pierce. But the SEC ignores the central reason that Mr Garlinghouse seeks disclosure of the Estabrook notes. 

It is further mentioned that they are likely to corroborate his account of a discussion. That he had with a commissioner of the SEC regarding the regulation of digital assets. Which the filing cites, is an issue that goes to the core of the SEC’s “knowledge or reckless” allegations against him. To which the SEC has been mum.

While the plaintiffs have been arguing that Mr Garlinghouse was present at the meeting and knows the discussions about the meeting. There is no available evidence that could corroborate Garlinghouse’s recollection that he took comfort from the meeting. Which also distinguishes it from the SBI notes.

There Is More To Ripple’s Strengths?

  The defendants also cite that the SEC has not borne the proof to show that disclosure of the Estabrook notes. To show that disclosure of the Estabrook notes would invade the commissioner’s policy-making process. While the SEC has been claiming that the purpose of the notes was to allow Mr Estabrook. To give advice to commissioner Roismann of a proposal regarding the regulation of digital assets.

The SEC has not proposed any such rule, or even suggested that such a rule was in contemplation. The defendants conclude saying the SEC’s attempt to defend its sword-and-shield strategy is unconvincing. It further mentioned that the document does not support its case and so it is withholding it.

Garlinghouse further writes that the SEC should not be allowed to engage in such strategies. Proponents from the industry are optimistic about Ripple’s win if the court grants the motion in favour of the defendants. As it would reinforce the stance of the defendants. In succession, a decision on the filing is expected to prevail this week.

Summing up, the XRP army is now looking forward to a ruling from the court in favour of Ripple. As the disclosure of notes from the meeting could bring in the much-needed impetus to Ripple’s stance. This could reignite XRP’s munch towards the $1 mark, which was seen during the defendant’s motion around the DPP ruling.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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