Ripple’s Defendants File Oppostion To SEC’s Proposed Redactions

In the letter, the Ripple's Defendants mentioned that the authority’s proposed redactions are “extensive”.
By Ashish Kumar
Updated July 13, 2022
US SEC Submits Appeal Brief To Challenge Ripple's XRP Sales Ruling

Brad Garlinghouse and Chris Larsen, Ripple defendants in the lawsuit against US SEC have filed an opposition letter to the commission’s proposed redactions.

Advertisement
Advertisement

Ripple’s letter not possess any risks

In the letter, the Defendants mentioned that the SEC’s proposed redactions are “extensive”. This should not be granted without seriously undermining the tradition of an open judicial system. It highlighted that even while sealing documents on the grounds of safety, the court has only permitted some narrow redactions. The details like names and locations of witnesses have been censored earlier.

Defendants argued that the suggested redactions have nothing to do with claimed safety concerns. The letter highlights that the motions do not even mention the expert’s name. Thus it does not pose any risk.

The SEC has asked to seal three things from Ripple’s reply. The authority has appealed against (1) the description of a flaw in the expert’s methodology. (2) Argument which mentions inconsistency of SEC’s take on its sealing request. (3) two other arguments highlight the authority’s position.

Advertisement
Advertisement

Is SEC still using delay tactics?

The letter added that non of the suggested redactions disclose any of the important facts related to the expert.

They are on their face, about shielding the SEC from public criticism, mentioned Defendants.

The US watchdog has been trying to delay the outcome of the crucial lawsuit. It has applied different assertions to protect some most important documents like Hinman’s speech and related emails.

Meanwhile, the Defendants assert that the authority insists that publishing filed motion should not be permitted as it is “inflame the discourse”. This argument is antithetical. It doesn’t fulfill the right of public to get access to case related details.

The court should reject the commission’s appeal as they have not presented the proper basis required for sealing, concludes Defendant.

On the market side, XRP prices registered a growth of around 10% over the past 7 days. It is trading at an average price of $0.35, at the press time.

Advertisement
Ashish Kumar
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.