Ripple Vs SEC Update : SEC Rejects Third Party’s Request To Redact Information, Atty. James Filan Reveals All!

Author: Sohrab Khawas

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    Brad Garlinghouse, the CEO of cryptocurrency and blockchain business Ripple, believes that a resolution with the US Securities and Exchange Commission would be completed in the first half of 2023. He further added that he is optimistic about where they stand currently with respect to law and facts. 

    Everyone with an interest in the sector believes that the end is in sight and is closely monitoring all the updates. James K. Filan, a former federal prosecutor, keeps everyone updated. 

    SEC opposes certain redactions 

    In a recent tweet, James K Filan, a former federal prosecutor, revealed that the SEC has filed an opposition to Third Party A’s Motion to Redact all references to Third Party A as an entity, as well as Third Party A’s (and Ripple’s) proposed redactions to the names of certain public crypto trading platforms.

    Although the identity of Third Party A has been made public in the dispute, the SEC observed that the company is still seeking redactions to 38 of the parties summary judgment filings. The SEC stated that it disagrees with Third Party A’s proposed redactions to the deposition transcript of its employee in 38 of the summary judgment papers. 

    What are the three categories that the SEC has opposed? 

    The SEC supports Third Party A’s request to omit the employee’s name and other identifying information, but it opposes three of the proposed redactions adamantly.

    Firstly, the agency rejects Third Party A’s request to redact all mentions of the business as an entity. Second, the regulator opposes the redactions to the names of some public crypto asset trading platforms that Third Party A and the defendants propose.

    Lastly, the Securities and Exchange Commission opposes the deletion of data from the deposition transcript related to the economics of Ripple’s On-Demand Liquidity (ODL) solution and Third Party A’s function in monetizing the XRP holdings of Defendants.

    The SEC’s opposition comes less than five months after Third Party A requested that the court grant its move to modify one of Ripple’s attachments in its application for summary judgement.

    What does the community think about this? 

    Twitter users believe that the SEC’s conduct is suspicious. What the SEC is hiding has been a recurring question.  Another person stated that the SEC would ultimately run out of excuses since it always invents new ones. Some have even demanded that SEC Chairman Gary Gensler resign. There is a lot of hate towards the SEC for their statements. 

    It seems like the SEC wants to keep some of the information related to this lawsuit under the wraps. This seems like an attempt to influence the ruling of the case. 

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