Ripple Files New Motion to Compel SEC to Hand Over Notes – See Details Here

Ripple has filed a motion to compel the SEC to turn over notes

Defence lawyer James K. Filan shared the latest update in Ripple v. SEC in a recent tweet. Ripple has filed a motion to compel the SEC to turn over the notes of a meeting between its CEO, Brad Garlinghouse, and former SEC Commissioner, Elad Roisman.

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: Ripple files Letter Motion to Compel the SEC to turn over notes regarding a 2018 meeting between Brad Garlinghouse and former Commissioner Roisman. The SEC refuses, claiming they are privileged. https://t.co/J1xLA5kiSa

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 11, 2022

The SEC, on the other hand, has filed an objection to the motion, claiming the deliberative process privilege (DPP).

The SEC’s objection comes just a week after the court ordered the release of certain filings, according to Ripple’s filing:

Exactly one week after the court issued its ruling on the application of the deliberative in this case,  following months of negotiation, letters, briefing, and argument, the SEC produced yet another privilege log listing just two documents, and asserting the DPP over both.

Lawyer Jeremy Hogan, a partner at Hogan & Hogan, criticized the SEC’s decision, saying the agency had no valid basis for claiming the DPP here since it admitted the ratings were unrelated to the Ripple investigation.

As seen below, the SEC has no tenable basis for raising the DP Privilege here since it conceded to Solomon that the notes cannot be related to the investigation of Ripple.

Seems the SEC is throwing this DPP Hail Mary and hoping that Judge Torres bails them out on appeal. https://t.co/yNZAMPXut9 pic.twitter.com/XIPkLrTYJp

— Jeremy Hogan (@attorneyjeremy1) February 11, 2022

Ripple says the SEC argued that Garlinghouse won’t need the notes since he was part of the meeting. Ripple further stated that contemporaneous meeting recordings provided to the SEC demonstrate that the Ripple boss had departed the meeting, forming a belief that the SEC had recognized the legal “purgatory” posed by regulatory ambiguity.

XRP Price Action

As reported by U.Today, the price of XRP soared more than 50% over the week as new developments in the Ripple case boosted bullish sentiment. The description of the legal advice Ripple received from its outside counsel in the 2012 memos could be made public on February 17, according to a recent ruling by U.S. District Judge Analisa Torres of Manhattan.

Ripple general counsel Stuart Alderoty believes that the documents “will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract or security.”

At press time, XRP is trading at $0.821. Although down 7.92% in the last 24 hours, it is still up 32% in the last seven days.