Ripple lawsuit: SEC receives another shock after latest court ruling
American watchdog SEC took a recent hit as the battle against Ripple moved into an interesting phase this week.
There is good reason for the SEC to worry right now with a string of defeats in a row. In their latest acrimony, Judge Netburn approved Ripple’s motion to authenticate SEC officials’ public remarks.
This motion was initially objected to by the SEC who claimed that Ripple is trying to reopen fact discovery.
No end here
The SEC vs. Ripple case continues to attract the crypto community as it wears on into another month.
The case has seen it all through the years and is not looking to end anytime soon.
In the above motion, filed on 4 August, the SEC had put a condition, in case, if Ripple were to go ahead with the motion.
The condition for the consent was that “the Defendants agree to reopen discovery.”
This move could allow the SEC to file its own subpoenas to attain copies of unspecified recordings.
Famed lawyer James Filan continues to post his insights on this case. He has been visibly irritated at the lackluster response from the SEC. In this regard, he noted,
“The SEC’s response is simply an abuse of the judicial process and a waste of the Court’s time, as evidenced by the fact that the SEC waited five days to file a one sentence response in which the SEC then misconstrued Ripple’s original request.”
The SEC’s behavior has also been questioned by the crypto community recently.
One enthusiast who went by the name Ashley PROSPER on Twitter stated, “the SEC behaving badly could get the case dismissed.”
Not to forget, judge Netburn has already used the term “unfaithful allegiance to the law (bad faith)” towards the SEC.
The SEC behaving badly could get the case dismissed. 4 of the 5 factors for dismissal have been met, and Judge netburn using the term "unfaithful allegiance to the law" (bad faith) is another check in the dismissal box. Unlikely, but… something to consider. pic.twitter.com/e8vupINsrq
— Ashley PROSPER (@AshleyPROSPER1) August 14, 2022
Meanwhile, it has also been reported that both parties are filing their responses to the motions to exclude expert testimony.
These responses are under seal right now. But what will happen now in this seemingly never-ending legal battle continues to be an interesting topic for the crypto community.