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Through his Twitter account, Ripple CEO’s attorney James K Filan shared a copy of a letter submitted by the SEC to the Southern District of New York. In the letter, filed by the SEC, the two parties inform the court that they have agreed on the proposed dates. To present arguments regarding the motions of the defendants to dismiss the case.
Recall that, the US Securities and Exchange Commission filed its multi-million dollar lawsuit against blockchain technology company Ripple and two executives in December, the timing was doubly peculiar.
The complaint alleged that Ripple’s sales of the XRP cryptocurrency from 2013 to the present were illegal security offerings. And, not registered in place of the distribution of a digital token to build a payment network.
The SEC has waited seven years to make this accusation. With billions of XRP tokens now traversing secondary crypto markets, it was quite strange. But the case was also shelved in the last hours of outgoing SEC Chairman Jay Clayton. And, then it was discharged into an equally divided commission heading towards a new administration.
SEC Schedule Provision
Now, at this time, the recent letter specifically requests that the court accept the following schedule: the initial briefs of the defendants would be delivered on April 12 and those of the SEC on May 14. The defense would have until June 4 to respond.
These dates refer only to the motion to remove the defendants. Those are, in essence, opening rounds, but they give an idea of the timeline that can be expected, and it is not short.
Another episode between the CEO of Ripple and the SEC
In another episode of Ripple’s legal dispute with the SEC on the courtroom, defendants Bradley Garlinghouse and Christian A. Larsen, co-founder and CEO of Ripple respectively, formally asked the Court of New York handling the case, that the SEC request. In which they request personal financial information from the defendants.
The defendants’ legal team asked New York Court Judge Sarah Netburn to cancel subpoenas sent to various banks seeking eight years of financial information.
They support their request by arguing that it is not a case of fraud. If not rather about the alleged sale of unregistered securities in violation of Section 5 (a) and (c) of the Securities Act of 1933.
In addition, they had already agreed to provide the financial information on the specific case. Specifically business records related to XRP sales. As well as financial records related to the compensation they have received from Ripple. And, that the personal financial information of the individual defendants is irrelevant to the investigation.
The request was made to six banks including SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank NA.
He concludes the letter he sends by saying:
«For these reasons, Individual Defendants respectfully request an order of protection regarding their personal financial information. And, that the Court vacate the subpoenas to SVB Financial Group, First Republic Bank, Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank. To the extent that they seek that same information».
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