Ripple requested the Securities and Exchange Commission (SEC) details of the meeting held between one of the commissioners at the time and the company’s CEO, Brad Garlinghouse.
In a recent tweet; Ripple supporter James K. Filan, founder of Connecticut-based Filan LLC and a seasoned expert in commercial litigation, said that Ripple vs. He shared the latest update on the SEC case with his followers.
Ripple; He filed a request to compel the Securities and Exchange Commission (SEC) to turn over the notes of a meeting between Brad Garlinghouse and former SEC commissioner Elad Roisman. The SEC objected to the motion, citing the privilege of the negotiation process (DPP).
“Ripple has formally filed a request that compels the SEC to submit notes on the 2018 meeting between Brad Garlinghouse and former Commissioner Roisman. The SEC, on the other hand, rejected this request, stating that the information is subject to privacy law.”
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files Letter Motion to Compel the SEC to turn over notes regarding a 2018 meeting between Brad Garlinghouse and former Commissioner Roisman. The SEC refuses, claiming they are privileged. https://t.co/J1xLA5kiSa
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 11, 2022
According to Ripple’s filing, the SEC’s appeal came just a week after the court ordered some recordings to be released. In fact, the SEC is not obligated to accept every application that Ripple makes to the court. As a government agency, the SEC can only share information or files with the court it deems appropriate.
Hogan & Hogan’s partner attorney, Jeremy Hogan, also criticized the SEC’s stance, noting that the regulator, acknowledging the memos are not related to the Ripple investigation, has no legal basis to request the DPP here.
“As can be seen below, the SEC does not have a reasonable basis here for raising DP Privilege, as it acknowledges that the notes against Solomon are irrelevant to the Ripple investigation. The SEC does not agree with this DPP, hoping that Judge Torres will release them on appeal. Hall Mary (a last-minute attempt at a game, made in desperation, with little chance of success).”
As seen below, the SEC has no tenable basis for raising the DP Privilege here since it conceded to Solomon that the notes cannot be related to the investigation of Ripple.
Seems the SEC is throwing this DPP Hail Mary and hoping that Judge Torres bails them out on appeal. https://t.co/yNZAMPXut9 pic.twitter.com/XIPkLrTYJp
— Jeremy Hogan (@attorneyjeremy1) February 11, 2022
According to Ripple, the SEC argues that Garlinghouse himself will not need the memos as he was present at the meeting. Ripple also claimed that recordings of simultaneous meetings provided to the SEC showed the Ripple CEO leaving the meeting, leading to the belief that the SEC recognized the legal “purgatory” created by regulatory uncertainty.
XRP price action
As reported by KoinFians, the XRP price surged over the week, even more than 50 percent, as new developments in the Ripple case bolstered the bullish sentiment.
In 2012, when Ripple launched, Chris Larsen (who was the CEO at the time) asked a law firm for advice on the status of XRP. This law firm, whose name has not been disclosed all this time, sent two notes to Ripple in which it analyzed all legal issues that could arise from the new token. According to a recent ruling by US Manhattan District Judge Analisa Torres, the content of the legal advice Ripple received from its foreign adviser in the 2012 notes could be made public on February 17. So until February 17, we will be able to decide for ourselves who is telling the truth between the SEC and Ripple.
Stuart Alderoty, Ripple’s general counsel, said in a statement following Judge Torres’s final ruling that they look forward to the release of the notes as the company believes they will show “in 2012 Ripple received a legal analysis that XRP was not an investment contract”.
At the time of writing, XRP is trading at $0.78. The cryptocurrency, which has dropped more than 8 percent in the last 24 hours following the downtrend in the market, has increased by about 30 percent in seven days despite this relatively large drop.