The latter parties have replied to the letter of the SEC on 21 April with the latest salvo in the ongoing issue between the US Securities and Exchange Commission and Ripple Labs. In the same way, the SEC had tried to prevent the defendants from looking for “insignificant privileged personnel information from the SEC.”
However, the defendant claimed otherwise in a letter dated 28 April.
The SEC has, accordingly, “improperly revised” two legal status positions previously dismissed by the Court: the categorical exemption from SEC internal records and the invoking, on a document-by-document basis, of deliberative process privileges.
The defendant now argues, quoting an order of 6 April, which permitted the motion of the defendant to be presented to a large extent,
Moreover, considering the commitment two times to provide written replies to ongoing discussions, Ripple also accused SEC of submitting a “motion for reconsideration.”
“Its [Court’s] statement that the SEC had an “obligation” to produce a privilege log were not invitations for the SEC to tell Defendants that it will produce nothing, log nothing, and reargue its opposition to any internal document discovery at all. Yet, that is exactly what the SEC has done.”
The defendants further reaffirm that SEC’s claims against finding its papers lack substance, adding that Ripple Labs and its execs “has also violated the unequivocal Order of this Court demanding that the SEC produce a log of privileges.”
Finally, when the Court requested that the SEC terminate the procedure of meetings and meetings, the defendant argued that it was also required to order the organization to produce receptive documents promptly. The accused said,
“Defendants will suffer prejudice if the SEC does not produce sufficiently ahead of the close of discovery on July 2, 2021, to enable Defendants to follow up with third parties.”