Ripple buries SEC in paperwork in XRP lawsuit: Nearly 30,000 requests

Rick Steves

“30k Requests for Admissions is an astonishing number”, said attorney Jeremy Hogan.

The Securities and Exchange Commission is seeking a protective order relieving the SEC of any obligation to respond to 29,947 requests for admission by the Defendants during the final six hours of fact discovery, on August 31.

The Plaintiff argues these requests impose an extreme, disproportionate, and unnecessary burden on the agency. The agency also reminded the Judge that Courts routinely disallow much less burdensome and excessive requests on the grounds that they are “abusive, unreasonable, and oppressive”.

The SEC also informed the Court that it spent more than 100 hours responding to 254 requests. At that rate, the Plaintiff would need over 473 days to complete the task.

Attorney Jeremy Hogan commented on the SEC’s request for a protective order: “30k Requests for Admissions is an astonishing number (I serve around 25-30).

“But keep in mind that it was the SEC who decided to wait 7 years before filing the lawsuit and decided that it would argue that all continuing sales of XRP are securities. This lawsuit covers 9 years!”

While the SEC awaits a ruling on this matter, the plaintiff must be struggling with the most recent attack from Ripple’s counsel days after discovering a document that may prove that the SEC provided guidance based on Hinman’s 2018 speech – which could reveal the SEC lied when stating the speech was only a personal opinion, not policy.

Ripple is now pushing the SEC up against the wall by arguing that no Deliberative Process Privilege (DPP) exists because the SEC has never deliberated about policy regarding digital assets. Only personal opinions from officials.

Ripple’s attorneys are placing the SEC between two options:
– Its officials’ views on digital assets – including Hinman’s speech – are only personal opinions, which means there is no Deliberative Process Privilege case to be made;
– Its officials’ views were policy, there is a DPP case to be made, but Hinman’s speech and other officials’ views can be used as evidence against the SEC in the lawsuit.

Outside the Court, Ripple has provided feedback to Senator Toomey as the U.S. Senate prepares to review blockchain and crypto laws. In sum, the XRP proposes a regulatory framework that encourages innovation sandboxes for crypto, and increases public-private collaboration.

Ripple also suggested the Senate to consider existing legislative efforts, particularly the Securities Clarity Act (SCA) and the Digital Commodity Exchange Act (DCEA).

Senator Toomey has recently tweeted that “China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

“Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

Read this next

Fintech, Uncategorized

BitMEX integrates HALO from Solidus Labs for cross-market surveillance

““The recent approval of the Spot Bitcoin ETF has piqued the market’s interest. As a result of price volatility, the trading volumes for crypto derivatives have gone up substantially. HALO, with its advanced technology and crypto-native detection architecture, will enable BitMEX to smoothly and safely scale trade surveillance across its increased trading volumes and provide the necessary safeguards for new product launches.”

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

<