Ripple attorney notified new motion of Ripple against SEC: Ripple vs SEC
The defense attorney of Ripple informed that Ripple filed a motion against US regulators and DPP Ruling.
Ripple is a San Francisco-based Fintech firm. This firm is known to support the big companies to facilitate high amounts of fund transactions and also to provide better crypto and blockchain-based services in every possible way. At present, Ripple is facing some legal hurdles because of the lawsuit filed by the US SEC agency against Ripple’s XRP token and its operations.
On 26 February, James K. Filan, Ripple’s Defense Attorney, notified the crypto community on Twitter about the new turn in the Ripple vs US Securities and Exchange Commission (SEC) legal fight.
James wrote that Ripple filed a motion against the SEC agency and Netburn’s deliberative process privilege (DPP) Ruling in this case.
“Ripple and the Individual Defendants have filed their Opposition to the SEC’s Motion for Partial Reconsideration and Clarification of Judge Netburn’s DPP Ruling, noting that the SEC is simply seeking a “do-over.” Mr. James wrote.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple and the Individual Defendants have filed their Opposition to the SEC's Motion for Partial Reconsideration and Clarification of Judge Netburn's DPP Ruling, noting that the SEC is simply seeking a "do-over."https://t.co/9D2esv0Key
— James K. Filan(@FilanLaw) February 25, 2022
The discussion on the second memo is a much appreciable thing, which helped Ripple in the past to win the public opinions on XRP, that it is not under the Federal securities law.
This aforementioned memo note was created in 2018 during the meeting of Ripple CEO Brad Garlinghouse & Elad Roisman. But this note came to light when Estabrook was cleaning his desk during the departure time from SEC.
Earlier this, Ripple requested to SEC legally to give the notes to the company but SEC denied to handover by considering DPP Ruling. Further Ripple firms claimed that notes were not protected, so they should go under the public domain.
Ripple vs SEC
In December 2020, the US SEC agency filed a lawsuit against Ripple and claimed that native token of Ripple’ XRP is a Security, which is unregistered with SEC and also company sold more than $1 billion worth of unregistered XRP tokens publicly, which was totally illegal.
Reportedly, the SEC agency wasn’t informed about any things before the Investigation, which was against the laws and rules of the investigation.
Ripple attorneys also claimed that the SEC agency took this decision on Ripple after 8 years, while they were already considering XRP as a security.
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