In the SEC and Ripple Case: What Will the SEC Do After Losing the Objection?
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Answer In the SEC and Ripple Case: What Will the SEC Do After Losing the Objection?
It seems that the case of the SEC and Ripple is nearing completion, after the removal of a large amount of uncertainty and the progress of the case became clear.
On Friday, Judge Annalisa Torres declared Ripple a big win in the XRP lawsuit.
The court overturned the SEC’s objection, while the court ordered the SEC to turn over important Hinman letter documents.
What should the SEC do now?
Earlier, Judge Sarah Netbourne dismissed the SEC’s attorney-client privilege claims over speech-related documents.
While the authority objected to the order, noting that the defendants misrepresented their claim regarding the documents.
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Attorney James Phelan shared the options the SEC might exercise after this loss.
He noted that the authority has a number of procedural cards that it can play with in order to delay compliance with the order.
However, this is not the first time that the SEC has applied these delay tactics.
The first option would be to ask Judge Torres to reconsider the court order.
While the second option could be to apply the reconsideration proposal.
The panel only needs to ask it to endorse an appeal of the court-ordered decision.
Meanwhile, the third option remained in which the SEC could go directly to the Court of Appeals on a writ petition. mandamus.
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But attorney Phelan stated that there is little chance of implementing these options.
Does this mean Ripple wins the SEC?
The SEC wants to delay the release of documents related to Hinman.
The attorney explained that they could try any or even all of the remaining options mentioned above.
Meanwhile, if the SEC goes for these options, it will take another 2-3 months to work on them.
He added that such delay tactics would not delay or even affect the referee’s summary schedule or its outcome.
Ripple’s attorneys said they are pleased with the sixth decision and hope it will be final on the matter.
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