Unlike the U.S. Securities and Exchange Commission (SEC) fight against Ripple Labs, U.S. Judge Sarah Netburn instructed both parties to hold a “discovery call meeting on Tuesday, April 6, 2021.” The judge’s order instructed the parties to discuss the coercive motion proposed by Ruibo Law Firm.
On March 15, attorneys representing Brad Garlinghouse and Christian Larsen, the current CEOs of Ripple Laboratories, asked Judge Netburn to force the SEC to show that they were A document filed by a fintech company.
Ripple’s lawyer argued in the motion that it was necessary to seek a court order because the regulator refused to produce the required documents. Specifically, the lawyer claimed that the SEC did not provide “a single document on Bitcoin or Ethereum-two virtual currencies that are very similar to XRP.”
In addition, the lawyer also claimed in the motion that the SEC did not provide internal documents related to the legal status of XRP. The lawyers are also seeking “any documents from 10 of the 19 custodians proposed by the defendant.”
XRP Army Reaction
At the same time, in accordance with the judge’s order, some Ripple supporters on Twitter praised the judge’s decision, which they believed would help the fintech company’s case. For example, a Twitter user called Kingslayer wrote:
This will be a huge step, because the internal communications of SEC News will eventually be exposed. April 6th will be a day worth looking forward to. It may become clear.
Another CNF user asked: “Am I the only one who feels that both Ripple and the SEC have a good view of the destructiveness of these documents? There are no restrictions on the number of guidance and advice for more than 8 years of posts that have been spread by multiple parties. Consistent regulatory policy.”
At the same time, the order also requires members of the public who are interested in hearing the discovery meeting to dial in a number that “will be distributed to all parties before the meeting.”
What is your opinion on this court order? Tell us what you think in the comments section below.
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