Ripple filed Motion to identify how the Howey Test applies to transactions in XRP over last 8 years
Ripple files Motion to Seal Exhibits regarding Motion to Compel Answers to interrogatories identifying the theory of how the Howey Test applies to transactions in XRP over the last eight years.
Source: James K. Filan
Ripple vs. SEC gets new twist after privileged’ documents blocked
The U.S. Securities and Exchange Commission (SEC) recently filed a letter regarding a Court order to submit allegedly privileged documents requested by Ripple. In the letter, the SEC argued that all documents listed in the submission, which Judge Sarah Netburn will review in camera, are protected by the deliberative process privilege (DPP).
Before that, James tweet, “The SEC has filed its Letter Brief regarding the allegedly privileged documents it’s withholding from Ripple. The SEC claims that every single document that will be reviewed by Judge Netburn in-camera is privileged.”
On August 10, Ripple filed a motion to compel the production of documents protected by the DPP, which included Appendix A. On August 31, the Court ordered the regulator to produce the documents listed in the appendix for an in-camera review.
Accordingly, the addendum includes 13 items, nine of which are internal SEC documents, while the other four cover the SEC’s communications with other law enforcement agencies. While the regulator stated that it included in its privilege logs memoranda or formal position papers discussing Bitcoin, Ethereum, and XRP, it pointed out that the majority of the entries represent internal SEC communications, notes, and drafts, which are not responsive to the Court’s orders, and were logged in a good faith effort to avoid further litigation.
Only one of the internal documents in Appendix A is an internal memo or official document that the SEC is required to produce or record by order of the Court, emphasizing that all three privileges protect this document.
According to the SEC, the email from the Office of the Chief Counsel for Corporation Finance and an enclosed memorandum with a preliminary legal analysis of XRP attached were drafted in anticipation of deciding whether to charge Ripple with violating the securities laws.
Other entries include a set of handwritten notes recorded by SEC officials during meetings, including meetings with outside organizations, such as the CME, a significant derivatives market and financial conglomerate. Japan, SBI Holdings, is considered one of Ripple’s key partners. In the submission, the SEC also listed various presentations and emails containing discussion points and Q&A sessions.
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