Ripple (XRP) has recently been in the news as a result of its ongoing lawsuit with the Securities and Exchange Commission (SEC) and the use of two newly revealed legal memos.
Defense attorney James K. Filan recently informed XRP community members that Ripple had filed their Opposition to the SEC and Judge Netburn’s deliberative process privilege (DPP) Ruling.
The SEC wants to force the company to give over notes made by Matthew Estabrook, counsel to former SEC Commissioner Elad Roisman; however, Filan observes that the SEC is merely seeking a “do-over.”
“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, noting that the SEC is simply seeking a “do-over.” Mr. Filan wrote.
#XRPCommunity #SECGov v. #Ripple #XRP 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, noting that the SEC is simply seeking a “do-over.
By making public the initial filing from February 2012 and the second memo there was “a compelling argument” that the planned tokens would not be subject to federal securities laws; the company was outlining how it acquired its guidance, winning one battle in the court of public opinion.
The aforementioned notes, made during a 2018 meeting between Elad Roisman and Brad Garlinghouse, came to light in January 2022, when Estabrook was clearing up his desk in preparation for his departure from the SEC.
Prior to this, Ripple had filed a request to force the SEC to give over the Estabrook notes after the agency claimed the DPP and refused to pass them over to the company. On the other hand, Ripple maintained that the notes were not protected and should thus be made public.
According to the company, Ripple CEO’s departure from the meeting was recorded by the SEC, which led the business to believe that the SEC had acknowledged the legal “purgatory” presented by regulatory uncertainty.
Finbold recently reported Ripple’s top lawyer, Stuart Alderoty, slammed the SEC for ‘offensive’ use of unsealed legal memos.
According to the Ripple General Counsel, the SEC should have examined the Perkins Coie memoranda and used Ripple as an example of proactive compliance.
“The fact that you would have a government agency trying to take these memos and use them as a sword, or as a bludgeon, rather than applauding a company that was doing the right thing, as general counsel of the company, but also just a lawyer who’s been practicing for 35 years, I find that incredibly offensive,” the Ripple GC said.