Although the wait for a verdict on the recent conference call between Ripple and the SEC continues, the XRP coin issuer is claiming another victory in the meantime. This time, the subject of discussion was an expert hearing.
Small steps
The Ripple vs. SEC case feels like a soap opera that drags on endlessly, with the action providing viewers with real sustained tension. Recently, we reported on the effects of the conference, which was organized between the two parties by Judge Sarah Netburn. You can read more about it in the article: “Since no ruling was issued yesterday, a Fox reporter suggests that the judge may force the SEC to turn over Hinman’s documents to Ripple.”
Meanwhile, just a few days later, new information emerged, again building Ripple’s position. This time, Judge Analisa Torres dealt a blow to the SEC by issuing an objection to the agency’s request to waive the participation of one of its experts in the rest of the trial.
Instant decision
It must be admitted that this time the decision came in a surprisingly fast pace. It took only 12 hours after Ripple filed an objection to the Securities and Exchange Commission’s motion for Judge Analisa Torres to finally grant it.
Motivating her decision, the judge noted that the issues raised by the agency in the motion only apply to select entities, and do not apply to the general public. As she reported:
“Because only some of the information in the objection addresses the concerns raised by the SEC, the court does not believe that it is warranted to seal the entire objection.”
Threat to an expert’s life?
The U.S. Securities and Exchange Commission has requested that its objection to expert Patrick Doody’s participation in the hearing be approved. The purported reason for this request is concerns about his safety. SEC representatives note that publicly filing an objection to the amici’s request in this case could even put his life in danger.
Meanwhile, the party representing Ripple disagreed, noting that as many as four of the five reasons cited by the agency reflect absolutely no threat. This became the basis for the court’s remand to reject the proposal.
Thus, the SEC was ordered to file a “redacted version of all briefs and exhibits” by June 14, 2022, in order to future-proof any information that may be deemed particularly sensitive.
