A US judge defies the SEC against Ripple’s “fair notice” protections

Ripple, the fintech company, has taken an aggressive approach when it comes to its ongoing lawsuit with the SEC. Ripple has filed two petitions in a row to abolish the role of the US regulator. On Feb. 23, the United States Securities and Exchange Commission (SEC) filed its controversial response to Ripple Inc.’s Feb. 10 response. about Fair Notice safeguards.

Unfortunately, District Judge Analisa Torres did refuse SEC proposal with the short answer: “No.”

SEC disagreed

On February 11, Defendant (Ripple Labs) filed a request to compel the SEC to overturn notes related to a 2018 meeting between Brad Garlinghouse and former Commissioner Elad L. Roisman. However, the SEC plaintiff denied this.

The SEC appealed Brad Garlinghouse’s move to order the overturning of records of Matthew Estabrook (an adviser to then-SEC Commissioner Roisman) during the 2018 meeting. The filing was submitted on Feb. 24 to Netburn.

Prominent attorney James K. Filan added that the plaintiff did so pay Notes to Judge Netburn of Magistrates Court for confidential review.

SEC too to discuss:

“Promissory notes are given before settlement and are for consideration. The prerogative of penetrating the SEC is not warranted as the need for a note from Garlinghouse was greatly reduced due to his presence at the meeting.”

Several factors influenced the disclosure of the above comments, including:

(i) the relevance of the evidence to be defended (ii) the availability of other evidence (iii) the “gravity” of the litigation and related issues (iv) the role of government (v) the possibility that future government officials will shy away from being forced to admit that their secrets are being violated.

Not too impressed

This reaction has roiled the Crypto Twitter community. For example, one Twitter user with more than 240,000 subscribers claimed the SEC only filed this lawsuit as a weapon to delay a specific outcome.

“SEC and Ripple lawsuit, Brad Garlinghouse, Chris Larsen got 134,000 views from Dead On Arrival and continues to grow because people now know the SEC weaponized this document because they knew they couldn’t win. Since when does this agency not work for the people anymore?”, Digital Asset Investor tweet.

Others were more upset by these “irrelevant” updates from the regulator. However, this isn’t the first time the SEC has delayed the filing process.

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