Ripple has submitted a new request to compel the Securities and Exchange Commission to disclose up notes from a meeting between its leader Brad Garlinghouse and a former SEC commissioner.
Ripple wants the Securities and Exchange Commission to hand up keynotes
Ripple filed the move on February 10, requesting that the SEC hand up the notes from a meeting between Garlinghouse and former SEC commissioner Elad Roisman on November 9, 2018. The regulator declined to provide the records, arguing they were privileged, as per Ripple’s request before Magistrate Judge Sarah Netburn.
“Exactly one week after the Court issued its ruling on the application of the deliberative in this case, following months of negotiation, letters, briefing, and argument, the SEC produced yet another privilege log listing just two documents, and asserting the DPP over both,” according to the submission.
The SEC should not declare privilege since the meeting was between the commissioner and a third party, not an internal affair, according to Ripple’s legal team. Furthermore, the SEC admitted that the conversation was not about a possible Ripple enforcement probe.
The petition also points out that the meeting records provided to the SEC show that Ripple’s CEO departed the meeting with the impression that the securities regulator was fully aware of the legal purgatory created by regulatory ambiguity.
As per the petition, Garlinghouse stated in his deposition, “I recall Commissioner Roisman very specifically saying ‘I’m sorry you’ve even had to come here’. I think that the confusion about the status of XRP he viewed as not healthy for the market.”
The SEC-Ripple case is picking up steam
Ripple’s case against Brad Garlinghouse and Chris Larsen, in which they are accused of undertaking a year-long unauthorized selling of $1.3 billion in the XRP cryptocurrency, is going well.
The court decision earlier this month that two sealed documents must be unsealed and made public by February 17. Larsen claimed that the 2012 papers didn’t refer to XRP as a security or investment contract in his motion to dismiss the SEC’s complaint against him.
Judge Analisa Torres also approved Ripple’s fair notice argument at the same time, according to ZyCrypto.
Surprisingly, the news had a beneficial impact on the price of XRP, which increased by more than 20%. According to industry experts, recent events indicate that the case is nearing a conclusion, which might result in a significant increase in the price of XRP depending on the outcome.