The present case between XRP and US Securities and Exchange Commission has taken another dimension. Recently, Magistrate Judge Sarah Netburn granted Ripple’s motion to keep the records of its current and former chief executives private.
Interestingly, the Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken an unusual turn. According to CryptoLaw, the SEC has allegedly violated US civil court rules by issuing multiple MOUs in the case, it was noted that
Ripplelabs, defendant, sent Judge Netburn a letter of discovery concerning the violation. According to this study, the SEC supposedly sought discoveries on Ripple from the FCA. It violated the Hague Convention as ordered by Judge Sarah Netburn of the South District of New York.
Ripple Labs’ legal counsel introduced this document and said the SEC had at least 11 MOUs requesting documents from ‘outside companies.’ The document The document stated that several of these companies were business associates of the payment company and had around 10 foreign regulators. As the defense puts it,
“Not only is the use of pre-litigation investigative tools prejudicial to Defendants and the recipients of such requests, as described below, it also prevents this Court from exercising its lawful discretion regarding the scope of permissible foreign discover.”
The defense postponed the procedure as “improper,” which was part of a “intimidation” tactics, to allegedly limit the ability of Ripple to operate outside America.
Many leading officials weighed the SEC’s “unfair” move and shared the deception of Twitter.
Following this finding, Jeremy Hogan said that Ripple and its partners were subjected to indirect “regulatory pressure.” He tweeted the following:
