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XRP Lawsuit: SEC and Ripple break silence on third party filings

4 d ago3 min readRegulation
XRP Lawsuit: SEC and Ripple break silence on third party filings

The SEC and Ripple legal teams recently submitted their respective Motion for Summary Judgements to the court. Since then, they have been battling on an old front.

Here the Chamber of Digital Commerce, the world’s leading blockchain trade organization, presented its support for Ripple [XRP] as the status of amici curiae. Meanwhile, the SEC has finally broken its silence on this matter in the latest filing.

Attorney James Filan reported in the latest tweet about the SEC’s reply to the motion. The SEC has decided not to take any “position” in this motion. However, the SEC has requested the Court to grant additional time and/or pages if more amicus briefs are allowed.

According to a request addressed to Judge Analisa Torres, the Chamber of Digital Commerce included copies of its amicus brief motion, memorandum of law, and a declaration from Lilya Tessler, the organization’s amicus brief attorney.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC says it takes no position on Chamber of Digital Commerce filing amicus brief but asks to respond and may request more time or pages if ADDITIONAL amicus briefs are allowed. That last line is clearly a threat directed at @JohnEDeaton1. — James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 19, 2022

Back where it began

Both parties have submitted a joint filing to Judge Torres about anonymous filings looking to seal parts of summary judgments.

They requested the court to follow a 12 September order wherein any third-party motions would be due by 9 December. Also, any opposition to these motions would be due by 22 December. The motion is likely to go through as it does not disrupt the previous scheduling agreed by the Court.

Well, this motion is in response to two recent anonymous filings by Third Parties ‘A’ and ‘B’. Earlier this week, a certain Third Party ‘B’ filed a motion to seal requesting several redactions from the SEC’s summary judgment.

According to legal documents, these redactions look to protect the identity and legitimate interest of this party and its employees.

The document further accounts that if the information is made public, it will cause harm to the party and its employees. Right before the previous weekend, another anonymous third party filed a motion to seal Ripple’s summary judgment.

The party stated in the 28 July letter aiming to protect the confidential business information interests of its current and former employees.

We will now have to wait till mid-October for any major updates on the lawsuit.

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