People in the XRP community have started pointing fingers at the ongoing Ripple v. Lawsuit. SEC. Much of this is due to the fact that many lack the necessary clarity to understand where the case really is at the moment. The controversial issue of document and declaration stamping is a good example.
In what is the latest development on it, the US Securities and Exchange Commission. archived your opposition to Ripple’s motion to seal. Pursuant to the same, the agency opposes the motion to seal insofar as it seeks to “permanently draft portions of the motion from the SEC’s August 9, 2021 letter seeking a compelling Onda order to produce the relevant messages from Slack. “
According to the agency, this motion to seal “does not meet the standard established in Lugosch v. Pyramid Co. of Onondaga. “
“More fundamentally, Ripple’s Motion to Seal disagrees with the Lugosch presumption of public access to the judicial function in the context of this case ”.
Interestingly, while Ripple requested a stamp on both parties’ exhibits, the SEC did not want everything to be hidden. Instead, the plaintiff objects to the defendant’s motion “only in part.” This puzzled some in the community, with one user tweeting,
“The problem I have with this is why the SEC is sending letters opposing Ripple’s motion to seal when Ripple apparently did the SEC a favor by offering to seal the details of Hinman’s deposition. “
In fact, some have also raised the possibility that Ripple found nothing “damning” in Hinman’s statement. A member of the community aggregate,
“[…] Ripple wanted to look like they offered to seal on behalf of the SEC and spin the idea that the SEC owed them one when, in fact, the SEC did not intend to seal Bc, there was no need. “
Now, some have speculated that Ripple may be trying to save face after not finding anything damning in Hinman’s statement. Otherwise,
“The SEC relies on the specific statements of Ripple’s witnesses or employees in all of these exhibits to demonstrate why the compelling production of Slack’s communications is justified here.”
According to the agency, this is why the agency wants to force the production of Slack’s communications. It will shed light on “critical facts that Ripple employees and former employees could not recall,” the SEC added.
This is a machine translation of our English version.
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