SEC Wants to Reopen Discovery in Ripple Case; Here’s Why

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Alex Dovb­nya

Rip­ple claims that SEC wants to reopen dis­cov­ery as result of most recent dis­pute between parties

In a recent let­ter to Mag­is­trate Judge Sarah Net­burn, Rip­ple’s legal team is claim­ing that the U.S. Secu­ri­ties and Exchange Com­mis­sion wants to reopen dis­cov­ery in the case.

The defen­dants have request­ed the court’s per­mis­sion to serve non-par­ty sub­poe­nas in order to obtain copies of sev­er­al video record­ings in which the agen­cy’s offi­cials made pub­lic remarks.

The video plat­forms that host the videos in ques­tion pro­hib­it users from down­load­ing copies with­out per­mis­sion. Hence, Rip­ple’s legal team now has to serve sub­poe­nas in order to be able to down­load the required con­tent. If the court grants the defen­dants’ request to serve sub­poe­nas to the com­pa­nies in ques­tion, the mate­ri­als will then be authen­ti­cat­ed by the SEC. 

How­ev­er, that request is not going to fly with the SEC. The plain­tiff wants the court to reopen dis­cov­ery in order to serve its own set of sub­poe­nas that would make it pos­si­ble to obtain copies of some record­ings in sup­port of its own claims.

The defen­dants claim that the SEC’s demands are “improp­er” since the agency did not serve any requests for admis­sion dur­ing the dis­cov­ery phase. At the time same time, Rip­ple claims that there is no “time­li­ness issue” with its own request since the defen­dants are not seek­ing to reopen discovery.

The defen­dants have repeat­ed­ly accused the SEC of drag­ging its feet in order to pro­long the case. Accord­ing to Rip­ple CEO Brad Gar­ling­house, the com­pa­ny has already spent more than $100 mil­lion on legal fees dur­ing its legal bat­tle with the regulator.

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