The fintech company Ripple subpoenaed an unnamed former SEC official. The regulator objected, according to lawyer James Filan.
#XRPCommunity #SEC_News v. #Ripple #XRP @stedas SEC announces intention to file, on Thursday, June 24, 2021, a letter motion to quash a deposition subpoena served by Ripple on a former SEC official. Briefing schedule below. pic.twitter.com/F03MVJw1qU
— James K. Filan (@FilanLaw) June 22, 2021
“This means that Ripple wants to depose the former SEC official under oath. The Securities and Exchange Commission opposes the testimony; the parties cannot resolve their differences and want Judge Sarah Netburn to decide whether this will happen,” Filan wrote.
According to the briefing, the SEC was to file the motion on June 24. The identity of the official is not disclosed.
Some community members suggested it was former SEC chairman Jay Clayton. He resigned on December 23, 2020 — the day when the regulator accused Ripple and its executives of an unregistered sale of securities disguised as XRP tokens worth $1.3 billion.
Former SEC official? Definitely Clayton.. 👀
— CRYPTOWZRD (@cryptoWZRD_) June 22, 2021
Later, Filan said that the SEC filed a motion to quash the deposition of William Hinman, the former director of the SEC’s Division of Corporate Finance.
#XRPCommunity #SEC_News v. #Ripple #XRP \”BREAKING\” — SEC files Motion to Quash deposition of William H. Hinman, ex-SEC Director of the Division of Corporation Finance.https://t.co/nVdjdX0sgw
— James K. Filan (@FilanLaw) June 24, 2021
Judge Netburn granted Ripple’s request for information about the SEC’s internal trading policies. The attorney said these documents would reveal how the regulator classified the XRP token and other digital assets, including Bitcoin and Ethereum.
#XRPCommunity #SEC_News v. #Ripple #XRP The Defendants’ request for the SEC’s Internal Trading Policies is GRANTED. The Court finds that the information sought meets the low bar for relevance, including potentially with respect to the claims against the Individual Defendants.
— James K. Filan (@FilanLaw) June 23, 2021
Earlier, Judge Netburn denied the agency access to Ripple’s internal legal-advisory records regarding the legal status of XRP, but allowed requesting information about the company under a memorandum of understanding with foreign regulators.
Recall, on June 15, the SEC obtained a 60-day extension of the discovery period in the Ripple case.
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