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Ripple Vs SEC

New Head of SEC Enforcement Quits Week After Starting Job but Fight Against Ripple Continues

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Recently appointed SEC’s enforcement chief resigns abruptly, leaving it to lead the war against Ripple to someone else.

Bloomberg has reported that the recently elected head of enforcement at the SEC, Alex Oh, has suddenly resigned from her important post at the U.S. financial watchdog after working there for merely a week.

But it does not stop the agency from fighting its war against the Ripple fintech giant begun in December.

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Alex Oh resigns after starting her new job

Alex Oh has chosen to quit her high position at the SEC due to a complication in a case from her prior legal career, according to Bloomberg.

This happened only a week after she was appointed to this position. Now, the previous candidate, Melissa Hodgman, will return as acting director of enforcement at the SEC, the regulator wrote in a statement.

The case from Oh’s previous legal career that Bloomberg referred to was a case in which Oh defended the oil company Exxon Mobil Corp against allegations of it supporting the cruel treatment of locals in Indonesia as was claimed by court documentation.

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Now, as this case has developed, Alex Oh decided that she cannot handle it while working at the SEC and resigned.

The chief of the SEC enforcement division is in charge of a team of 1,300 people who check companies for violating securities laws and investigate companies and individuals inside of them for misconduct, often imposing further sanctions on them.

SEC determined to continue its lawsuit against Ripple

Even though the XRP community urges the new SEC chairman Gary Gensler to drop the legal suit against Ripple (a new petition has been launched by XRP fans), he seems to be determined to continue the legal fight started by his forerunner Jay Clayton.

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By now, the lawsuit has entered its fifth month and Ripple Labs, defended by a team of lawyers, has managed to score a few minor legal victories against the regulatory agency.

Besides, the CEO of Ripple’s partner in Japan, SBI Group, Yoshitaka Kitao has recently announced that Ripple intends to conduct an IPO after the legal fight with the SEC is over and done with.

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XRP

XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

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SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

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Ripple

XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

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SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

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Ripple Vs SEC

SEC v. Ripple Labs: Agency opposes motion to seal documents citing ‘influence’

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The SEC v. Ripple Labs lawsuit is in the news today after yet another crucial development. According to the latest updates from the court, the regulators have responded in opposition to Ripple’s motion to seal transcripts of audio and video recordings from internal meetings.

As per the filing shared by @CryptoLawUS, the SEC claimed that the documents “have the tendency to influence the Court’s ruling on the discovery dispute before it.” The tables turned for Ripple when SEC added that “no countervailing business or privacy interests outweigh their disclosure to the public.”

On 30 August, the SEC had filed a motion to compel the production of some audio and video-taped recordings after Ripple failed to disclose them during discovery. Ripple agreed to produce these recordings, along with “all recorded meeting by the custodians of such meeting, meeting name, and other criteria” for responsive documents.

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The SEC later filed another motion to compel Ripple on 1 October to conduct a “reasonable search.” Here, the intent was to find more responses through recordings of meetings at which the agreed-upon custodians spoke.

The SEC has been trying to make the documents public since it found statements made by Ripple CEO Garlinghouse and other key Ripple employees. The filing added,

“These transcripts contain statements by Garlinghouse and other key Ripple employees that bear directly on whether Ripple’s offers and sales of XRP are “investment contracts” and therefore securities under SEC v. W.J. Howey Co., 328 U.S. 293, 298-99 (1946), and whether Garlinghouse and Larsen had the requisite scienter for purposes of the SEC’s aiding-and-abetting claims.”

Although the concerning statements from the transcripts have been redacted, according to the SEC, Ripple is also seeking to seal excerpts of Garlinghouse’s deposition testimony. The same apparently pertains to the frequency of “all-hands” meetings, along with a certain email from the CEO.

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The SEC also argued that the transcripts of the recordings are Judicial Materials. Ones that should be disclosed to the public. Curiously, attorney Jeremy Hogan believes that the recording may be the backbone of the SEC’s case.

Nevertheless, only the Court’s decision will reveal the importance of the recordings for the people, Ripple, and the SEC.

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