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In the latest twist in the SEC vs. Ripple lawsuit, the US Securities and Exchange Commission has retaliated against Ripple, objecting to the payment giant's attempts to redact material that it considers'sensitive and secret
In Bief
- The SEC filed an objection in the Ripple case after the payment giant attempted to keep certain'sensitive' information private.
- Ripple's argument that the information was proprietary was not a legally legitimate grounds for non-disclosure, according to US regulatory authorities.
- Analysts projected that the price of XRP would rise as selling pressure on the cryptocurrency eased.
.' Ripple's attorneys are attempting to seal "Exhibit O." The true reason the payment giant is seeking to keep the material hidden, according to the regulator, is that it might harm the company's image in the case, and that the facts included in this exhibit are already public knowledge, thus the move is meaningless.
The SEC has filed an objection in its case against Ripple.
While the XRP community awaits a court decision on whether emails used by William Hinman, Former Director of the Securities and Exchange Commission's Division of Corporation Finance, in his speech can be used as evidence, the SEC has filed a new objection against Ripple, this time demanding that Ripple disclose information that it is attempting to keep secret.
The objection is directed at Ripple's counsel's move to keep "Exhibit O" secret. The claimed exhibit, according to Ripple's lawyers, contains "important and secret" company information that should not be brought into the court. The SEC, on the other hand, claims that this material is insufficient to seal the warrant. As the SEC maintains that the contents of exhibit O are confidential, there is no legitimate foundation for Ripple's petition to keep it sealed.
Furthermore, the regulator dismissed Ripple's request as a non-legally viable rationale, claiming that the material contained in the exhibit, "the evidence of expert SEC witness Patrick Doody," harms Ripple's case merits.
Patrick Doody claims to have discovered why investors bought XRP from Ripple. The exhibit's content is made up of his expert evidence on the issue. Interestingly, the SEC has already censored statements from his testimony.
The SEC specifically sought material that would reveal "weaknesses" in the SEC's case against Ripple. Ripple's lawyer, James K Filan, stated that the global payment giant did not object to the SEC's decision to seal off exhibits in their entirety, and that while the regulator chose to seal the remainder of the exhibits in the case, and their proposed redactions, they did not meet the "standards in sealing off the documents."
Furthermore, in prior updates on the SEC vs. Ripple case, the regulator filed a letter to seal a section of an exhibit to the defendant's lawyers' files due to the regulator's answer being insufficient.
This fresh update in the SEC's investigation against Ripple illustrates how much information the commission has withheld and how the community will have to wait longer for a verdict on Hinman papers.
The SEC vs. Ripple dispute is far from done, with the regulator raising its latest objection and questioning the defendant's intentions. As a result of the SEC's action, Ripple's lawyer has been chastised.
The price of XRP begins to rebound, and an upswing begins.
The XRP price has risen beyond $0.31, on its way to the first significant resistance mark at $0.33. According to Bob Mason, a prominent crypto analyst, Ripple price need wide crypto market support to break through resistance and enter a sustained rally where the $0.35 level comes into play, and $0.38 follows quickly after.
According to USA GAG experts, the XRP price will not remain stable for long. Analysts believe the XRP price is rebounding because to increased demand. XRP's upside is limited at $0.38.
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