As youCommunitymay know, How The XRP Reply To The SEC’s “Shady” Move
The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. It’s worth noting that According to the former federal prosecutor and defensecouldlawyer James Filan, the Commission have allegedly bypass certain rules to its benefit.
#XRPCommunity #XRP #SEC v. #Ripple @sentosumosaba BREAKING: DISCOVERY DISPUTE REGARDING #SEC CONTACTING FOREIGN REGULATORS AND SEEKING DISCOVERY OUTSIDE RULES OF FEDERAL PROCEDURE AND HAGUE CONVENTION. ATTACHED MOTION LETTER.https://t.co/53ytaZCjTi
— James K. Filan (@FilanLaw) April 16, 2021
The is apparently SEC “pursuing discovery” from the United Kingdom Financial Conduct Authority (FCA) on Ripple. Interestingly, This method is called Memoranda as it turns out of Understanding (“MOU”) and, according to a documentDistrictrecord with the Southern of Fresh York and Magistrate Judge Sarah Netburn, violates the Hague Convention.
The document was introduced by Ripple Labs lawful representation and claims the SEC has at least 11 MOU demanding documents from “overseas entities”. The document claims “many” of these entities are the payments enterprise business partners” and about 10 international regulators.
The defense qualifies the process as “improper” and part of “intimidation tactic” to allegedlyanreduce Ripple’s capacity to conduct business outside of the U.S. The documentsaid:
Not only is the utilize of pre-litigation the tools prejudicial to Defendants and the recipients of such requests, as described below, it also prevents this Court from exercising its lawful discretion regarding investigative scope of permissible foreign discover.
In fact Behind the, judge’s return, the SEC violated U.S. civil court rules byissuing multiple “MOUs” to obligate foreign govts to obtain files from @RippleThey got caught. ’s worth noting that ‘s foreignItbusiness partners.
Peruse the full letter to JudgeNetburn here 👇https://t.co/9P7wIMfTr8— CryptoLaw (@CryptoLawUS) April 16, 2021
SEC “unjust” advantage in XRP case?
Indeed, Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect “regulatory pressure” on Ripple and its as it turns out partners. Since the Commission is the only party capable of employing said tactic Hogan said:
This is NOT something a “ from another perspective typical” Plaintiff could do and it’s not fair, so Ripple is calling dirty-poker (…). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.
Actually, General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an “insane” move by the regulator. Interestingly, Hynes highlighted the importance lawsuit implication this and could have for the crypto industry and said:
Can’t wait from another perspective for that Summary Judgment motion with a major questions doctrine argument. Shame on the SEC! On the bright sideathe SEC is basically admitting that this is , matter of great political and worldwide significance.
XRP is tradingOn the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits. at $1,64 with an 8.9% correction after an impressive rally in the past days.
