In today’s video you will know all about the motion filed by Ripple to compel the securities and exchange commission’s interrogatory responses. You will know that why the SEC is in a difficult situation and how hard Ripple is trying to expose it.
So, according to James K. Filan, an attorney who closely follows the Ripple SEC lawsuit, the blockchain company has filed a motion to compel responses to interrogatories regarding SEC’s Howey Test blanket application theory. This motion is from Ripple and its co-founder Chris Larsen and Brad Garlinghouse, the CEO of Ripple Labs, refused to be a part of it. The attorney tweeted,
‘Defendants Ripple and Larsen file Motion to Compel the SEC to answer interrogatories identifying the SEC's theory of how the Howey Test applies to virtually all of Defendants’ transactions in XRP over the last 8 years.’
Now this is something really interesting and it is pointing in the direction of a settlement or the SEC defeat, whatever you call it, the defendants allege that the SEC Howey test theoretically applies to all digital transactions in XRP throughout an eight-year period. Ripple's previous attempt to figure out how the SEC claims Howey relates to all of these transactions failed because the SEC refused to disclose any details.
Let’s take a look at the latter shared by James K. Filan.
On December 22, 2020, the Securities and Exchange Commission commenced this unprecedented enforcement action alleging that virtually all of Defendants’ transactions in XRP over an eight-year period were investment contracts under SEC v. W.J. Howey Co. The SEC further alleged that Defendants’ multifarious transactions during this period were part of a single, integrated, distribution of securities subject to registration under Section 5 of the Securities Act of 1933.
As we have already said, what Ripple and Chris Larsen are attempting to convey here is that the SEC claims that all of these transactions over the last eight years have violated the Howey test.
Next, they said,
The SEC, however, has resisted any attempt to pin down its theory of the case. Defendants served interrogatories pursuant to Local Rule, seeking to identify the ways in which the SEC contends Howey applies to all these transactions. The SEC has refused to provide this information, contending that Defendants are seeking irrelevant information. But, as set forth below, each of Defendants’ interrogatories is properly designed to elicit binding statements from the SEC necessary to “narrow the scope of litigation, reduce the element of surprise, [and] serve as admissions for trial.
#XRP #Ripple
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