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The ongoing feud between the Securities and Exchange Commission and Ripple, a fintech firm, continues to make headlines. The SEC filed its opposition to Brad Garlinghouse's Motion to Compel Turnover of Notes taken by Matthew Estabrook, counsel to former Commissioner Roisman, on February 25.
It revealed details from a meeting between Roisman and Garlinghouse in 2018. The most recent filing was addressed to Judge Sarah Netburn in the filing presented on February 24.
Under oath deception?
Surprisingly, Ripple Labs filed an opposition to the SEC's Motion for Partial Reconsideration and Clarification of Judge Netburn's DPP Ruling on February 26. The SEC simply requested a "do-over," according to the filing.
JUST ADDED to our Document Library:— CryptoLaw (@CryptoLawUS) February 25, 2022
✅Defendants' Response in Opposition to @SECGov's Motion for Partial Reconsideration of Ruling on DPP for Hinman Speech Drafts, Emails and Meeting Notes 👇https://t.co/CHkQqRTqg4
The aforementioned filing stated the following to counter SEC’s motive.
“The SEC’s Motion is an inappropriate attempt at a do-over simply because it is unhappy with the Court’s order on its prior briefing. No pretense that the demanding standard for reconsideration is satisfied here.”
The SEC highlighted the same case that had been litigated for nearly a year (issue). This time, however, it is based on a new theory- "in a reversal of course." On Twitter, James. K Filan, a well-known lawyer, reiterated this development that shed light on this case. Filan added some authority to Ripple's response by saying, "BAM."
In fact, Plaintiff ignored the previous filing, which included a sworn declaration from Former Director of Corporation Finance William Hinman. It maintained that Hinman's Speech expressed the speaker's "personal views." And then the story abruptly changed. The speech was now the "culmination of and reflection of a policy process within the Division of Corporation Finance."
However, if this was the case, John Deaton, another celebrity involved in this case, argued the following:
The @Ripple lawyers are professional and very tactful in explaining that if the Court were to accept the SEC’s new theory regarding the speech (that it’s the Division’s opinion, not Hinman’s), then the Court must accept that Hinman lied under oath. https://t.co/0qMygO9x51 pic.twitter.com/x2sU5u6s9D— John E Deaton (@JohnEDeaton1) February 25, 2022
However, the motion (SEC response) should be denied because "the SEC identifies no controlling law or facts that the court overlooked."
Furthermore, as previously discussed, the SEC's reversal did not warrant reconsideration.
To the point
Wow. I expected Ripple to come out swinging and this brief did NOT disappoint. #mattsolomon— Jeremy Hogan (@attorneyjeremy1) February 25, 2022
This is the hardest hitting brief thus far in the litigation - and rightfully so.
The SEC has spun itself a tangled web here and I don't expect the judge to help them out of it. https://t.co/LM7SXkq273
Ripple's response above elicited a number of reactions on Crypto Twitter. According to Jeremy Hogan, a closely related attorney, the fightback did not disappoint. The tweet stated,
Another follower on Twitter asserted:
“They don’t care how long it goes. They are paid with tax payer money, and the corrupt actors don’t work there anymore. This trial is great practice and a great learning experience for those young SEC lawyers.”
Notably, the price action of the #6 largest token, XRP, exhibited the same bullishness. At press time, XRP was trading at $0.7, representing an 11 percent increase in 24 hours. Curiously, this raises the question of whether the XRP community perceives a potential win here.
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