Ripple Opposes SEC Sealing Witness’ Identity In XRP Lawsuit
Cryptocurrency firm Ripple Labs filed a letter of response on September 12 to oppose the U.S. Securities and Exchange Commission’s request to seal portions of legal filings that contain information identifying the SEC’s proposed expert witnesses, as the SEC’s lawsuit against this company drags on.
The SEC “has not made the necessary particularized proof of fact” to establish that the sealing is warranted, according to Ripple’s response from Monday.
The SEC and Ripple previously moved to exclude SEC expert testimony, and on Friday the SEC filed a petition to seal some of the information from the reply briefs in support of those moves. Such sealing, according to the government, might shield witnesses from potential abuse.
The SEC filed a complaint against this company in December 2020, claiming that the company sold over $1.38 billion worth of XRP, the native coin of the XRP Ledger developed by Ripple Labs, in an unregistered securities offering.
Additionally listed as co-defendants by the SEC for allegedly aiding and abetting Ripple’s crimes were the CEO Brad Garlinghouse and executive chairman Chris Larsen.
A tweet from defense attorney James K. Filan revealed that District Judge Analisa Torres approved the SEC and Ripple’s joint letter on September 12 that outlined schedules for redactions regarding sealing issues. This action is widely viewed as an effort by both parties to expedite the conclusion of the lawsuit.
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