The cryptocurrency world has encountered another event in Ripple’s longstanding legal tussle with the SEC. This took the supporters of the crypto company by storm, therefore, people are now excited about the future proceedings. The excitement comes as the defendants file their opposition to the SEC’s motion for a partial reconsideration and clarification of the DPP’s decision.
Successively, the proper response of the defendants to the US SEC is hailed by the XRP army. In the meantime, the price of XRP seems to have caught wind of the case filed by the defendants. As the digital asset soars with double-digit gains on its price chart. On the other hand, attorney Justin D. Ward is filing a motion to have Larsen’s attorney removed.
Has Ripple now cornered the SEC in its lawsuit?
The crypto industry has come to a major event, the Ripple lawsuit, which has caught the attention of the masses. Defense Attorney James K. Filan, through his social media, shares the Latest Ripple Lawsuit Update. Defendants Ripple Labs, Bradley Garlinghouse and Chris Larsen filed opposition to the SEC’s motion.
Which revolves around the partial reconsideration and clarification of Justice Netburn’s DPP ruling of January 13, 2022. Defendants in the filing cite that the SEC’s motion is an improper attempt to “redo.” Simply because he is unhappy with the court order on his pre-briefing.
It is further mentioned that the SEC does not claim that the high standard of reconsideration is met. Instead, it seeks to inform on an issue that has been the subject of much litigation for about a year. But this time, the plaintiffs brought a new theory, which is the opposite of its previous claims.
Successively, Ripple’s lawyers cite that the SEC now argues that the speech reflected a political process within the Corp division. End. This contradicts Hinman’s affidavit, which, in the case of his personal opinions, violates “Title 5”. Therefore, supporters cite that the court must accept that Hinman lied under oath if he were to accept the new thesis.
Have Ripple’s lawyers rolled up their sleeves to win?
Defendants substantiating their arguments briefly cite this. The petition should be dismissed because the SEC identifies no law or material fact that the court overlooked. The SEC’s reversal of position does not warrant reconsideration.
Moreover, communication around Mr. Hinman’s speech is not an “essential link” in a policy-making process. And that even if the DPP is applied, the privilege should be overturned on the facts of this case. And as a result of the SEC’s litigation strategy.
On the other hand, attorney Justin D. Ward filed a motion to withdraw as Chris Larsen’s attorney. For this reason, he quits the job of Paul Weiss. Therefore, the defendants’ proceedings will now continue to be led by Martin Flumenbaum, Michael E. Gertzman, Meredith R. Dearborn. Kristina A Bunting and Sarah Prostiko by Paul Weiss.
In summary, the case filed by the defendants was one of the most appreciated during the trial. Ripple’s dignified return has erased the gloom of the SEC which is reluctant to take a step back with its DPPs. That said, the price of XRP over the previous day showed impressive double-digit gains. XRP price at press time is $0.765 with gains of 10.2%, which will hopefully add more numbers over the weekend.