Ripple to Obtain Copies of Speeches by SEC officials

Paigambar Mohan Raj
Source: Coinpedia

In the latest turn of events, Magistrate Judge Sarah Netburn has granted Ripple Lab’s request to serve two non-party subpoenas. The request was filed on the 3rd of August to obtain copies of seven video recordings. Attorney James K Filan revealed the decision of Judge Netburn. Filan is a critical source for the ongoing SEC vs. Ripple lawsuit.

Is Ripple trying to reopen fact discovery?

In the letter dated August 3rd, the defendants requested the two subpoenas as they wish to authenticate video evidence of SEC officials giving speeches. The letter highlights that the videos are uploaded on two platforms. However, the videos are subject to the platforms’ terms of service, which prohibit end users from downloading their copies without prior consent. After obtaining due consent, Ripple will send the videos to the SEC for their authentication.

However, the letter highlights that the SEC has not consented to the request. The SEC will only agree to the request if Ripple agrees to reopen discovery. Reopening discovery would allow the SEC to issue its own set of subpoenas. Additionally, this would enable the SEC to obtain recordings supporting its claims.

Moreover, according to Filan, Judge Netburn ignored the SEC’s claim that the defendants were trying to reopen fact discovery. The authentication of the videos will further strengthen Ripple’s position. Moreover, the Hinman speech was another major win for the firm.

The SEC vs. Ripple lawsuit has been ongoing since December of 2020. The SEC has accused the firm of selling unregistered securities worth $1.3 billion. The agency also listed CEO Brad Garlinghouse and executive chairman Chris Larsen as co-defendants.

At press time, XRP, the native token for Ripple’s XRP ledger, was trading at $0.370229, down by 4.6% in the last 24 hours. Additionally, the token is 89.1% down from its all-time high of $3.40.