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The United States Securities and Exchange Commission (SEC) is attempting to block Ripple (XRP) holders from aiding in Ripple's defense, and prohibit attorney John E. Deaton from any further participation in proceedings. And this SEC vs. XRP case has been on for what seems like forever. Though the proceedings look inconsistent, the XRP community is well aware of all the developments that have been going on. The community members have been keenly observing who said what, what the filing was about, and what motions were rejected.
According to the filing, Ripple Labs revealed that the SEC had requested to "seal information" identifying one of the experts and has indicated plans to "extend the relief to three additional experts." Ripple Labs told Judge Analisa Torres that it had spent nearly a week trying to reach a temporary compromise with the SEC on the matter.
Holders claim in the affidavits that they either did not assume legal responsibility for purchasing XRP. They bought the tokens for utilitarian purposes instead of investment purposes or they did not buy them based on promises made by the company and its representatives.
According to the letter, the SEC submitted its application for leave to file a 30-page opening brief and a 10-page reply brief. This is done to support its objection to three orders given by Magistrate Judge Netburn. However, it added that the Defendants oppose both of these requests.
Earlier, Judge Netburn slammed the authority for its assertion over the Hinman speech. She ordered the disclosure of the drafts of a 2018 speech given by the ex-Director of the SEC's Division of Corporation Finance.
The Chief Executive Officer of Ripple (XRP), Brad Garlinghouse, has acknowledged the financial cost of the company's engagement in a lawsuit with the Securities and Exchange Commission (SEC). Garlinghouse said in a recent interview that Ripple would have spent more than US$100 million on legal expenses by the time the litigation was resolved.
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