Ripple

Will The SEC Being Reluctant In Stepping Back With Its DPPs, Push Ripple’s Win To The Bears?

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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Feb 26, 2022

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Highlights

    The U.S SEC files its opposition to Garlinghouse’s motion to compel the turning over of notes from the 2018 meeting

    The regulating authority seeks the notes to be protected under DPP

The crypto sphere has come across a bright day, following the gloomy market trends of the previous day. In the interim, the industry’s widely known lawsuit has stricken the now sixth largest crypto asset XRP. Has sailed to yet another filing, which has let down the XRP army who were thrilled following the recent ruling.

Successively, the U.S Securities and Exchange Commission in its filing is opposing Bradley Garlinghouse’s motion. That seeks to compel the turnover of notes from the meeting of 2018. The regulating authority seeks to protect the notes under Deliberative Process Privilege (DPP). 

Also Read: Are These The Influencing Catalysts Behind The “V-Shaped” Rebound Of Cryptocurrencies

The SEC Refuses To Let Go Of Its Documents Under DPP?

The Securities lawsuit has arrived at yet another filing from the SEC. This comes right after the Judge dismissed the SEC’s petition to submit the Sur-Sur-Reply in single word order. The SEC has filed its opposition to Garlinghouse’s motion, to compel the turnover of the notes from the 2018 meeting. Which was between the then SEC Commissioner Roismann and Garlinghouse.

Defence lawyer James K. Filan has shared the filing on his social media handle. The filing dated 24th February 2022, cites that, the SEC has submitted the opposition to the motion by Bradley Garlinghouse challenging the SEC’s assertion of the DPP. Which is around the handwritten notes taken by Matthew Estabrook, counsel to then SEC Commissioner Roismann.

The notes which were taken by Estabrook were from the meeting between Roismann and Garlinghouse in 2018. The plaintiffs through the filing cite that, pursuing the court’s order from the 11th of February 2022. The SEC submits the notes for in-camera review. Further mentioning that the are no different from the notes that the court has already held are protected by the DPP.

The plaintiffs further specify that Matthew Estabrook, who had written the notes, memorialized those aspects of the meeting. Which he believed could relate to future commission decisions. Taking in accordance, the attorneys cite that the notes are predecisional and deliberative. The regulating authority in the filing requests the court to not order the disclosure of the notes.

Summing up, the XRP army is now irked following the filing by the U.S SEC, which could further delay the case. Proponents keen on the lawsuit are contemplating the possibility of the notes including acquit evidence that could validate the stance of the defendants. That said, the notes could possibly open up in future rulings. However, the base allegations against Ripple being clearly irrelevant will remain the trump card in future proceedings.

Also Read: Terra(LUNA) Explodes Out of Uncertainty, Price Aiming to Hit Crucial Resistance at $75 Soon!

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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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