Ripple Opposes SEC Rhetoric About Confidentiality of Regulator Documents


The CEO of Ripple, Brad Garlinghouse, and the co-founder Chris Larsen have filed an objection to Justice of the Peace Sarah Netburn against the SEC's motion for a partial review and clarification of the DPP ruling. This was announced by lawyer James Filan.

The company claims that the regulator is trying to achieve a second consideration of the issue, as it is dissatisfied with the court ruling.

“The SEC makes no claim that the requirements of the reconsideration standard have been met in this case. Instead, the Commission is trying to re-examine the issue, which was considered in detail during the year, but this time based on new theses, ”the letter says.

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DPP is a principle of law that allows the SEC to refuse to disclose documents or testify, citing the confidentiality of data and sources.

Earlier, the regulator petitioned against the disclosure of records made by Matthew Estabrook, an adviser to ex-commissioner Elad Roisman. They contain information about the latter's meeting with Garlinghouse in 2018.

At the same time, the Commission agreed to submit the documents to Netburn for consideration "in closed doors" (camera review).

The term used by the SEC suggests that at the current stage, the defendants will not be able to see the data provided. If the judge deems them important for the process, they will be made public at a public meeting.

Ripple petitioned to disclose Roisman's records in early February 2022. Last December, the official announced that he would leave his post at the regulator.

The company claims that these documents do not fall under the DPP, and therefore must be submitted to the court and presented to the public.

According to lawyer Jeremy Hogan, Ripple's actions could be a serious blow to the SEC's strategy.

"Wow. I was expecting Ripple to go big, and this memo did not disappoint. This is the toughest statement of all time in the trial - and rightfully so. The SEC has spun a tangled web, I do not expect a judge to help the Commission get out of it,” Hogan wrote.

As AtoZ Markets reported last week, Ripple revealed the legal advice provided to it by law firm Perkins Coie in 2012. The documents claimed that the XRP token is not a security.

Recall, on February 17, the regulator sent a petition to the court asking to hide the draft speech of the former head of corporate finance William Hinman from 2018. The community suggested that the reason was in its significant adjustments.

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