After a series of back and forth over the years, the US Stock Exchange (SEC) he only wants to put Ripple below. This was the opinion of Ripple’s legal counsel and the team at large.
Recently, Ripple’s legal representatives sent a letter to the judge in charge of the case, Sarah Netburn. In the letter, Ripple claimed that the SEC intends to take back the case by reopening the discovery division.
Rip it off
According to the letter, Ripple asked Judge Netburn to grant leave to the defendants to grant two subpoenas without a party against the wishes of the Plaintiff.
Ripple previously claimed that the SEC wanted to obtain copies of the videos related to the case without following the judge’s original order. The letter said,
“Defendants Ripple Labs Inc. Brad Garlinghoee and Christain A. Larsen, respectfully request leave to serve two non-party subpoenas for the limited purpose of obtaining copies of seven video readings for authentication pursuant to the court’s order dated July 19, 2022. The SEC has not consented to this request.”
In addition, Ripple reported that the platform that hosted the video prohibited end users from accessing copies of the content without consent.
The company also insisted that the SEC’s goal of reopening the discovery videos was inappropriate as it only contributed to wasting time.
Unstoppable persecution because…
Remember that a new third party was was introduced in the case a few days ago, bringing a new twist to the matter. Apart from this, Ripple’s general counsel Stuart Alderoty had accused the regulator of “regulation through enforcement”.
In his tweets, he said the SEC called every digital asset a security, as it did with the Binance and Coinbase investigation.
Alderoty also said the SEC’s goals were beyond regular regulation.
He added that their actions reflect those of an agency that wants to prove itself to be the government.
The SEC continues to relegate the CFTC to the children’s table. This is their regulation through strategic enforcement – they attack projects with different resources so they can extend their jurisdiction beyond “insurance” by telling judges bluntly that we are the government, therefore we must be right. 2/3
— Stuart Alderoty (@s_alderoty) August 3, 2022
Alderoty’s comments may not be surprising, as it was not the first time he had taken such a view.
Like Alderoty, Ripple CEO Brad Garlinghouse had repeatedly stated that crypto companies were willing to work with the SEC for a witch-hunt-free regulatory environment.
However, the commission’s recent action may have depicted otherwise.
At press time, the SEC had not publicly responded to Ripple’s allegations.
As time passes, the verdict of the long-running dispute rests with the jury.
Ripple hopes to end the case, while the SEC seems determined to indict the crypto company.