Will the lawsuit between Ripple and the SEC ever end?
The SEC has filed a request to seal its response to the amici movement participating in the Daubert challenge in the Ripple lawsuit. The move is based on testimony from an expert SEC witness – Patrick B. Doody – who reported on what credentials ‘reasonable’ XRP holders relied on when purchasing the token.
SEC counters Ripple’s move to seal ‘judicial’ documents in connection with…
But Defendants were quick to respond to this filing, highlighting ‘Exhibit.’ An excerpt of expert deposition transcript- as a ‘judicial document.’ The defendants agreed to seal the document revealing the expert’s identity. But they claimed that the SEC had ordered the passages to be redacted, which would have undermined the expert.
In the latest filing, the SEC objected to the Ripple defendants’ move. Accordingly, Defendant aims to seal Schedule O regarding amici’s request to participate in the SEC expert challenge. James Filan, a prominent attorney, shared this development in a June 17 tweet.
#XRPCommunity #SECGov v. ##Ripple #XRP The SEC has filed an objection to the Ripple Defendants’ Motion to Seal Exhibit O in connection with amici’s request to participate in the SEC expert challenge. pic.twitter.com/Yf3hm5yOQ5
— James K. Filan 🇺🇸🇮🇪103k+ (beware of imposters) (@FilanLaw) June 17, 2022
Thereby countering the request of six XRP investors to submit a summary regarding the opinion of one of the SEC experts. “Defendants’ conclusory assertion that Exhibit O contains ‘sensitive and confidential business information is not sufficient to warrant sealing. Defendants can offer no genuine support for their assertion because Exhibit O does not contain confidential business information”, he said.
The SEC stated- the fact that a document makes a party look bad or hurts a party on the merits of the case is not a legally valid justification for sealing. Despite Defendants as ‘Confidential’ under the Protective Order narrative, the court had a firm position on allowing to seal SEC Ripple documents. “The Court shall not permit sealing of documents merely because the information contained therein is subject to a stipulated protective order. Because bargained for confidentiality does not overcome the presumption of access of judicial documents.”
Under the Court’s prior ruling, Exhibit O is “unquestionably a judicial document.” It was submitted to the Court as ‘supporting material’ in connection with the SEC’s opposition to Movants’ motion. It is here to be noted that Ripple’s move to seal some documents made sense to a few XRP enthusiasts.
Because the SEC is grasping at straws, and Ripple has a duty to protect their business partners. It’s more than likely just a way for the SEC to point the finger away from them for a quick second.
— Dirty Cache (@dirtycachellc) June 17, 2022
However, under any circumstances, optimism was still very high when the green light was given earlier. Don’t forget, last October, a judge’s order granted Amicus Curiae status to 25k XRP holders.
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