The SEC v. Ripple case is moving the markets, the law, the blockchain space, and the trading industry. Here’s a quick recap.
The last week of August is upon us. As professionals within the trading industry return from their summer holidays, it is time to review what has happened in the SEC v. Ripple lawsuit and related events ahead of a key date: 31 August.
As we head toward the end of fact discovery and both parties continue to scramble over gaining access to much relevant evidence to support their key arguments, we give you the most important titles in August.
The fact discovery deadline is 31 August. Besides the pending delivery of critical evidence for both parties, there is an extensive list of rulings yet to be made, including the XRP Holders’ motion to intervene.
What is the reasoning of behind each party’s motions as they look to obtain documents to use as evidence? Evidence to support what arguments? Attorney Jeremy Hogan offers his views.
Two can play that game. After months of frustration for the SEC’s refusal of delivering internal documents regarding the agency’s views on ETH, XRP, and BTC, the defendant is refusing to hand over ‘terabytes’ of internal Slack messages which the plaintiff argues will prove the firm marketed XRP as a security.
Ripple counsel Matthew Solomon confronted the SEC for deleting a relevant portion of Hinman’s deposition. The answer was found on the metadata and recovered.
Washington D.C. non-profit Empower Oversight, which is led by renowned whistleblower specialists, has submitted a FOIA request to the SEC seeking communications between SEC officials and their current and former employers.
Ex-SEC Chair Jay Clayton and Ex-SEC Commissioner William Hinman are the main targets.
The SEC opposed Ripple’s refusal of handing over the Slack messages arguing there is plenty of time to gather the terabytes of documents since “there is no realistic prospect that the parties will fully resolve this case for several months, if not longer”.
The William Hinman deposition did provide ‘bombshells’, as many were expecting, and are likely to be used in Ripple’s case that the SEC failed to provide proper fair notice.
The ex-SEC Chair has joined one more digital asset firm even though he is being investigated precisely for potential conflict of interest in his handling of Ripple’s XRP.