Ripple’s defense has asked the court to expel out the demand put by the Securities and Exchange Commission (SEC) to withhold certain legal documents that belongs to Ripple. Lawyers claimed that the Securities and Exchange Commission deliberately misread the orders, and hence request should be rejected. Recently, the Securities and Exchange Commission (SEC) circled Ripple’s claim to issue the unregistered policies, which created the chaotic situation tackled by the defense professionally and efficiently, and Ripple gets to regain its reputation in the market.
On the 21st of April, 2021, SEC claimed that the court should prohibit and constrain the defendants to look for confidential and irrelevant material related to staff, which the court already has declared that cannot be discovered. Ripple’s defense shed light that the proposed SEC’s claim had already been rejected by the court. Moreover, the defendants declared that fourteen-day notice should be allowed for legal proceedings. Following this letter, Ripple also demanded court via a letter on 28th of April that the court should dismiss the SEC’s demand to withhold the legal documents as formerly the orders were deliberately misread, which should be criticized and rejected.
The demand made by the Securities and Exchange Commission led to another overwhelming drama that the court denied the motion from Ripple. Motion resulted in generating the optimistic results as the court prohibited SEC to make any direct demand of documents and information from Ripple as defendants claimed that SEC could use such information in a lawsuit against Ripple.
James K.Filan, the defendant’s lawyer, disclosed the expected conference scheduled on the 30th of April for further proceedings. Moreover, reports declared that the core purpose of the conference is to prohibit SEC officially and legally from making any sort of contact to Ripple Lab to demand any document of information from the regulating management.
Recent Achievement of Ripple Lab
The firm also got the lead in the dispute with Tetragon, which forced Ripple to buy back the share of $175 million. Ripple Labs stayed ahead of all assumptions and proved itself legally and logically.
SEC tried to suppress Ripple, as the commission claimed and sued Ripple for issuing the unregistered securities, and Tetragon played a role of catalyst in this regard, but Ripple stayed above all and cope with these claims in a professional way and maintained its well-reputed position in the market.
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