BCGAME - Free 5BTC Daily Bonus!The SEC v. Ripple Labs shows no signs of ending anytime soon. Industry professionals are eagerly awaiting the verdict of the lawsuit, especially as it can have far-reaching implications.
In the latest development of the same, Ripple has opposed the SEC's request for a conference call to seek a protective order exempting it from any obligation to respond to the Admission Requests [RFA].
The update was first shared by attorney James K. Filan. stated,
“The RFAs refer to critical facts that Defendants believe are not genuinely contested; true admissions by the SEC will therefore significantly narrow the issues for judgment. ”
Defendants also expressed surprise at the SEC's arguments that RFAs are "excessively onerous." The defendants called it "triple wrong" and went on to explain,
“First, as a matter of law,” the sheer number of admissions requests is not, by itself, a basis for an order of protection. ” Gen. Elec. Co.v. Prince, 2007 WL 86940, at *2 (SDNYJan. 10, 2007). Second, in fact, Defendants' instructions will likely require the SEC to respond only to a fraction of these RFAs, as described in more detail below. ”
According to Ripple Labs, the volume of RFAs is commensurate with the needs of the case and is driven primarily by SEC litigation theories.
In fact, the company also argued why each of the three sets of RFAs relates to important issues in the case. Especially the one where the SEC mentioned a crypto exchange that sought legal advice on XRP and got the response that “XRP would probably not be considered an investment contract”.
“…When a cryptocurrency Exchanger decided to list XRP, it obtained legal advice that XRP would likely not be considered an investment contract under existing law, shared that analysis with the SEC, and met with the SEC to discuss the legal status of the XRP. ”
"As far as we understand, not once during these discussions did the SEC indicate that the XRP was an investment contract," he added.
Ripple is seeking details on what the SEC said and did during these meetings. This will further support your fair notice defense and the individual defendants' scientific defenses.
Ripple also urged the court to deny the SEC's motion and direct regulators to respond within 30 days. However, no decision has yet been taken by the court.
The XRP community was applauding recently after US District Judge Analisa Torres gave holders of XRP tokens amici curiae or “friend of the court” status. XRP holders cannot be direct participants in the process, however.
