Ripple v. SEC: Plaintiff wants to protect the ‘Expert’ at all cost regardless of…

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Rip­ple con­tin­ues to see new devel­op­ments every week with the ongo­ing law­suit between the SEC and the fin­tech firm. Curi­ous­ly, the Ami­ci motion has become anoth­er favorite of the SEC. In fact, the SEC v. Rip­ple case has made XRP hold­ers suf­fer loss­es for a long time now.

Protect the “expert”

Plain­tiff, on 18 June, object­ed to the Rip­ple Defen­dants’ Motion, high­light­ing ‘Exhib­it.’ An excerpt of the expert’s depo­si­tion tran­script- as a ‘judi­cial doc­u­ment.’ Like­wise, pro­vid­ed rea­sons to counter Exhib­it O in con­nec­tion with amici’s request to par­tic­i­pate in the SEC expert challenge.

The SEC filed, under seal, its pro­posed redac­tions to the Rip­ple Defen­dants’ response to the SEC’s oppo­si­tion. Again, it involved the ami­ci motion to par­tic­i­pate in the expert chal­lenge. The SEC pub­licly filed a let­ter explain­ing its pro­posed redac­tions as show­cased by James Filan, a famed attorney.

This move comes on the heels of tes­ti­mo­ny from an expert SEC wit­ness – Patrick B. Doo­dy – who report­ed on what infor­ma­tion ‘rea­son­able’ XRP hold­ers relied on while buy­ing the token. To pro­tect the expert, the SEC assert­ed,

“The pro­posed redac­tions to the Response are nar­row­ly tai­lored to serve the “high­er val­ue” of pro­tect­ing wit­ness safe­ty in light of the like­li­hood that past harass­ment and threats will con­tin­ue in the absence of such steps.”

Ergo, the SEC sought to seal ‘foot­note 1 of the Response‘, which includes infor­ma­tion about the sub­stance of the Expert’s report. The remain­ing pro­posed redac­tions to the Response relate to infor­ma­tion about the threats and harass­ment of the Expert out­lined in the ‘SEC oppo­si­tion bet’.

This might be the key rea­son, the pro­posed redac­tions are ‘tai­lored to serve that interest.’

But isn’t it ‘protect all’

Yes, the SEC aimed to pro­tect the respec­tive expert from any poten­tial dam­ages. Fur­ther­more, Jere­my Hogan who ques­tioned SEC’s motive here stat­ed,

“If only the SEC was this enthu­si­as­tic to pro­tect retail XRP holders!”

Also, the cur­rent cryp­to cor­rec­tion just added more fuel to the fire. XRP dropped to the $0.36 mark fol­low­ing the harsh liq­ui­da­tions. Nonethe­less, it did bounce by more than 12% at press time, there­fore, show­cas­ing the will to live.



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