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“SEC Simply Seeking A Do-Over”- Ripple Files Opposition To SECs New Motion

The legal battle between Ripple and SEC is getting complicated as both parties now more active than ever. Ripple and the Individual Defendants have filed their Opposition to the SEC’s Motion for Partial Reconsideration and Clarification of Judge Netburn’s DPP Ruling. The notice mentioned that SEC’s motion is simply seeking a “do-over”.

Ripple files opposition to SECs motion citing a Do-Over

The SEC’s Motion is an inappropriate attempt at a do-over simply because it is unhappy with the Court’s order on its prior briefing. The SEC makes no pretense that the demanding standard for reconsideration is satisfied here, reads the notice.

The letter mentions that SEC is trying to again brief an issue that has been extensively litigated for nearly a year. This time it is based on a new theory in a reversal-of course. Ripple’s notice clearly attacked the SEC’s conflicting consideration of the Hinman’s speech.

The SEC maintained that Mr. Hinman’s Speech simply expressed the “personal views” of the speaker. The SEC now argues for the first time that the Speech was the culmination of and reflected a policy process within the Division of Corporation Finance. This reversal contradicts Mr. Hinman’s sworn statement.

Actually, SEC has been using the delay tactics to further stretch the case. The commission also fails to establish that Court’s January 13, 2022 Order was in error. Over the Hinman’s speech, the court has already recognized that SEC staff were involved in discussions around the Speech.

The SEC has never before argued that the discussions about what Mr. Hinman should include in his 2018 Speech were part of a process that led to the Framework, reads the notice

Earlier, the commission filed its opposition to Ripple CEO Brad Garlinghouse’s motion to compel its turnover of notes taken by Matthew Estabrook. The mentioned notes were taken back in 2018 during a meeting between Elad Roisman and Brad Garlinghouse. However, the SEC has submitted the notes to the court for an on-camera review.

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