In a fresh twist to the Securities and Exchange Commission (SEC)â€™s fight against Ripple Labs, US judge Sarah Netburn has directed both parties to hold â€œa telephonic discovery conference on Tuesday, April 6, 2021.â€ The judgeâ€™s order directs the parties to discuss a motion to compel filed by Rippleâ€™s lawyers.
Motion to Compel
On March 15, lawyers representing current Ripple Labs CEO Brad Garlinghouse and Christian Larsen had asked Judge Netburn to compel the SEC to produce documents relating to the regulatorâ€™s lawsuit against the fintech firm.
In their motion, Rippleâ€™s lawyers argued that seeking this court order had been necessitated by the regulatorâ€™s refusal to produce the requested documents. Specifically, the lawyers allege that the SEC had failed to provide â€œa single document concerning bitcoin or etherâ€“two virtual currencies that are closely analogous to XRP.â€
Furthermore, in their motion, the lawyers also allege that the SEC is failing to produce internal documentation that relates to XRPâ€™s legal status. The lawyers are also seeking â€œany documents from ten of the nineteen custodians the defendants proposed.â€
XRP Army Reacts
Meanwhile, following the judgeâ€™s order, some supporters of Ripple on Twitter praised the judgeâ€™s decision which they believe will help the fintech firmâ€™s case. For instance, a Twitter user known as Kingslayer wrote:
Another user, CNF asks: â€œAm I the only one getting the feeling that both Ripple and the SEC have a pretty good idea of how damning those documents will be? 8+ years of infinite numbers of positions, guidance, and advice spread by multiple parties with no coherent regulatory policy.â€
In the meantime, the order also asks members of the public interested in listening to the discovery conference to dial-in to a number that â€œwill be circulated to the parties before the conference.â€
What are your thoughts on this court order? Tell us what you think in the comments section below.
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