Defense attorney James K. According to Fillon, a New York court has approved a joint plan by the US Securities and Exchange Commission (SEC) and Ripple Labs, which specifies a schedule for handling ceiling issues in upcoming summary decisions.
trick is seen The key is to speedily resolve the long-running litigation.
In December 2020, the SEC filed suit against Ripple, the issuer of the designated XRP crypto token, for selling assets considered an unregistered security.
finding common ground
Ripple co-founder Chris Larsen and CEO Brad Garlinghouse were also cited as co-defendants in the case. The company denies that XRP is a security. Securities are subject to strict regulation by US agencies.
On September 9, the SEC filed a motion asking that sections of its filing that contain information about the identities of its proposed expert witnesses remain hidden. It was earlier argued that such measures could protect witnesses from harassment.
Ripple opposed the suggestion, arguing that the matter should be fully public. Defense attorney James K. Filan tweeted, “Both sides have now found common ground.
in a joint Letter To US District Judge Annalisa Torres, who is presiding over the case, the SEC and Ripple agreed to seal parts of both their legal filings, meaning the case would go public. However, some aspects still need to be modified.
Debevois and Plimpton, the attorneys representing the SEC, said they sought the consent and approval of Garlinghouse and Larson to fully make aspects of the case public, as the decision sets a precedent that states cryptocurrency How do you handle securities?
“The proposal will ensure prompt, public access to the brief of the parties (according to which any proposed amendments are anticipated to be minimal), which is expected to be in line with the robust estimate of public access,” said Andrew Ceresne, a partner at Debevois & Plimpton. wrote to the judge.
District Judge Annalisa Torres granted the request, setting a schedule where both sides were supposed to present their arguments.
“Under the joint motion, the parties would be required to file a public, revised version of all documents within 21 days of the court’s decision,” Judge Torres said in a ruling on September 12.
taking control of big brother
The revised public summary will be given seven days after both the SEC and Ripple are submitted. Ripple has refused to engage the SEC for an out-of-court settlement, saying they are fighting to protect the crypto industry from unfair regulatory controls.
The company appointed William Hinman, the former SEC’s director of corporate finance, as an expert witness in the case. The regulator is opposing this possibility.
It argues that subjecting former executives’ decision-making processes to judicial scrutiny and the potential for continued involvement in litigation in the years after leaving public office, could significantly deter eligible candidates for public service.
XRP is down 5.1% to $0.33 in the last 24 hours. According to CoinGecko, the asset is down 90% from its all-time high of $3.40 on 7 January 2018. The SEC lawsuit has been blamed as one of the major factors influencing the XRP price.
Ripple is a privately held fintech company that provides global payment solutions through its patented payment network called the Ripple Network. The company connects banks, payment providers and crypto exchanges, enabling real-time settlement and low transaction fees.
Ripple has seen an increase in usage and adoption, with the number of active XRP wallet addresses rising above 4.3 million.
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