According to the latest update from James K. Filan, the lawyer who closely follows the case between Ripple and the SEC, the agency requests telephone conferences in order to seek a protective order relieving them of any obligation to respond to 29,947 requests for admission from the blockchain giant claiming responding would be too burdensome.
Source: James K. Filan
Ripple hits back at SEC’s defense as new XRP analysis comes to light
The document wars continue in the SEC v. Ripple Labs is happening. As AZCoin News reported, the blockchain company has now filed an amended response to the SEC’s earlier summary of the agency’s internal documents. In doing so, Ripple has called on the SEC to withhold “privilege” documents and re-debate matters that have been repeatedly denied.
A few days earlier, Ripple filed a revised response (#364) to the SEC’s brief regarding allegedly privileged documents SEC is withholding. Ripple hits on SEC’s continued efforts to re-argue issues the Court has repeatedly rejected. The revised response appears to correct two bullet points missing from Document # 363 on pages 7 and 8.
It contains two points that were missing from the previously submitted letter. It sought to refute the SEC’s claims about the irrelevant and privileged status of documents the court ordered to be submitted for in-camera review. The defendants are also claiming that the SEC deliberately submitted almost only unresponsive documents on their privilege logs.
Ripple then lashed out at the SEC for failing to provide clarity on supporting and abetting allegations based on imprudence. In doing so, the SEC implied that the company recklessly sold unregistered securities.
“To establish recklessness, the SEC must show the status of XRP as a security throughout the entire charged period (2013-20) was “so obvious that [the Individual Defendants] must have been aware of it”, the response noted.
According to the SEC, the document is an attorney-work product and subject to DPP and client-attorney privilege. On the contrary, the San Francisco-based firm argued that it is not a work product as the memo had not been filed previously.
Curiously, the SEC has not revealed the document’s author and when it was written. The agency has also asserted that its collaboration with the Enforcement Directorate and other Divisions is liable to change the status of the document as being a privileged work product.
XRP/USD 4-hour chart | Source: TradingView
The development of the lawsuit also seems to have had a big impact on the XRP price as, despite the market recovery, it has not yet returned above $1. At the time of writing, Ripple’s native token is changing hands at $0.9519.
Read more:
- SEC Filed An Objection To Ripple Request 3 Additional Documents Be Reviewed In-Camera
- As The Lawsuit Between Ripple And SEC Drags On, More American Politicians Have Come Out To Express Their Views