Will This Motion By Ripple Compel The SEC To Mend Its Ways? Is XRP Up For Another 15% Correction?

Author: Sohrab Khawas

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    Story Highlights
    • Defedndants file a motion against the SEC to turn over notes with reference to the 2018 meeting. Which the SEC claims to be privileged.

    • Proponents and advocates continue to debunk the irrational thesis of the regulating authority.

    The world of cryptocurrencies has been witnessing a myriad of events. Which have been insinuating of a major turn about in the industry’s stance. Consecutively, Ripple’s brawl against the misconduct of the SEC in its lawsuit, has come across another motion. That has caught sight of the intellects, who have been following up with the case.

    Successively, the defendants have filed a motion on the 10th of February 2022, against the SEC. To turn over the notes with reference to the 2018 meeting, which the SEC claims to be privileged. The stubborn act of the regulating authority has fumed the community yet again. In succession, the proponents and advocates continue to debunk the irrational thesis of the regulating authority.

    Is The SEC Hammering The Lawsuit In View Of Its Ebbing Stance?

    The motion filed by the defendants against the SEC cites that, exactly one week after the Court issuing the ruling of the DPP. Following the series of efforts, the SEC has produced yet another privilege log listing just two documents, whilst asserting DPP over both. The documents in discussion are of the meeting between Commissioner Roisman and Bradley Garlinghouse. 

    The motion seeks the notes by the outgoing staffer Matthew Estabrook from 2018. The motion and the exhibits detail intense vacillating. Over how in January the SEC claimed it came across these notes as Estrabook was cleaning out his desk prior to leaving the agency. While another privilege log was sent, the SEC claims the notes to be privileged.

    The defendants demand the notes to be handed over, while asserting the privilege claim to be ridiculous. Garlinghouse cites him remembering the sympathetic mentions made by Roisman. Where as, a previous meeting between Ripple and Jay Clayton was not claimed privilege. The motion cites that the documents in favor of Ripple’s stance are being claimed as DPP.

    The exhibits also include an email from Garlinghouse after the Roisman meeting from 2018. In addition,to  the excerpt from Garlinghouse’s deposition recalling Roisman’s sympathetic views of the SEC’s turmoil over XRP being a security or not. The regulating authority has been refusing the release of these documents. 

    Will The Series Of Motions Compound Ripple’s Triumph?

    The recent motion also sheds light on the memorandum that recounts a conversation between Chair Clayton and Bradley Garlinghouse. Similar to the Roisman’s meeting recalled by Mr. Garlinghouse. In which he discussed the fact that Ripple was purgatory due to uncertainty over XRP being a security or not. 

    In succession, the Chair Clayton had asked “him to back up from that issue” and encouraged the Ripple executives to “continue its ongoing discussions with the staff of the Division of Corporation Finance”. The move coming after Ripple’s Sur-Reply has been taken sportingly by sections. As constructive initiatives would eventually bring in clarity to the fraternity.

    Concluding, the XRP army has rolled up its sleeves to bring in clarity over the industry’s long-standing legal hurdle. The price of XRP which did portray healthy numbers couple of days ago, has been sailing sideways with negative gains of 7.3% for 24-hours. Investors and traders are now eagerly waiting for a full stop to the case, that would open the doors for the bulls. 

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