SEC-Ripple lawsuit as defendant argues to depose a former SEC official.
SEC-Ripple lawsuit is a US class action lawsuit against Ripple Labs Inc. and its CEO, Chris Larsen. The plaintiffs allege that the defendants violated securities laws by failing to register with the SEC as a security exchange and to disclose the nature of their relationship with Ripple Labs. Plaintiffs claim that Ripple’s initial coin offering (ICO) was a $1 billion USD security offering, which is subject to SEC regulation.
The SEC has been involved in a series of lawsuits against the cryptocurrency industry. In the latest, Ripple is being called out for manipulating the market by running a fake website called “xrptheme.com” in an attempt to trick unsuspecting investors.. Read more about ripple lawsuit update and let us know what you think.
The SEC-Ripple saga remains in limbo as both sides vigorously attempt to win a legal battle that appears to be of historic importance to the U.S. crypto community.
Ripple’s motion to dismiss and the SEC’s opposition:
In recent developments, Ripple plans to interview former SEC director of corporate finance William Hinman. In response, the SEC informed the court that the former head of the agency did not have such relevant first-hand information that could affect the litigation. However, because of Hinman’s reputation, the defendant also has the burden of proving that the former director actually possessed relevant information with respect to the claim. In opposing the motion, the SEC informed the court that it intended to deny defendants’ motion.
. Ripple’s response to the SEC’s opposing motion:.
Without taking even half a step back, Ripple responded to the motion with great conviction, first denying the SEC’s assertion that Hinman was a senior SEC official. In addition, Ripple argued that because Hinman is no longer an employee of the agency, he is not entitled to special protection from discovery, and that the company is not required to produce evidence that Hinman has first-hand factual knowledge regarding the claim.
Relevance of Hinman’s controversial speech:
One of Ripple’s strongest arguments for Hinman’s recall is his speech in which he stated that Ether is not a security. Ripple has used this as an argument and has long argued how the SEC distinguishes Ripple from Ether. In this regard, Ripple stated:
His testimony will likely reveal important facts about whether and to what extent the SEC authorized or approved him as a statement to the public about the agency’s current thinking on a complex and highly scrutinized regulatory issue.
The trial is really interesting, recently the lawyer Jeremy Hogan also commented on the information from the trial and called it juicy.In an interesting twist, Ripple now wants to depose a former SEC official in order to depose the former SEC official. In a lawsuit filed in New York federal court on June 13, Ripple Labs Inc. Inc. (the “Plaintiff”), through its principal Yoni Assia, sought an order to depose Dan Gallagher, the former director of the division of Corporation Finance in the SEC’s Office of the Secretary, and to produce, among other things, any written communications the SEC had with Gallagher in regard to the enforcement application the SEC filed in May 2013 against Ripple Labs Inc. In its complaint, Ripple Labs alleged that Gallagher was the “ultimate decision maker” in the SEC’s enforcement application and the SEC may therefore be required to produce. Read more about xrp news sec lawsuit and let us know what you think.
Frequently Asked Questions
What happens if ripple wins lawsuit?
If ripple wins the lawsuit, then they will be able to enforce their patent and prevent other cryptocurrencies from using the technology.
Does the SEC have a case against Ripple?
The SEC has not yet made a decision on whether or not they will pursue charges against Ripple.
What happens if XRP is declared a security?
If XRP is declared a security, it would be subject to the same rules and regulations as other securities. This could include requirements for registration with the SEC or other regulatory bodies, disclosure of information about issuers and investors, and compliance with anti-money laundering laws.
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