SEC vs Ripple: Judge orders U.S. regulator to disclose shielded opinions on crypto

YEREVAN (CoinChapter.com) – The Securities and Exchange Commission (SEC) vs. Ripple lawsuit got a new twist in favor of the blockchain startup facing allegations of conducting illegal securities sales. Judge Analisa Torres compelled the governmental agency to disclose certain expert opinion documents “relevant” to the lawsuit outcome.

SEC vs. Ripple ongoing

Attorney James K. Filan tweeted the court ruling. He commented, “Judge Torres has Granted in Part and Denied in Part the Parties’ Requests to Seal documents.” The said documents are in connection with the “amici Motion to Participate in the Daubert proceedings.”

In detail, the Douberg Proceedings permit the parties to examine the challenged expert in open court to develop his or her testimony. In plain English, this means that the mentioned expert opinions will be open to the public.

Also read: ‘Big Win’ for Ripple as court orders SEC to reveal internal documents comparing XRP with utility token Ether.

What happened?

Previously, Ripple defendants alleged that the SEC had taken an “extreme position” on the expert reports. Thus, they filed a letter to Judge Torres, claiming that the law enforcement agency attempted to silence any “substantive criticism” by asking to seal the relevant documents.

Conversely, the SEC asserted the opinions of Patrick B. Doody, one of the experts, should be sealed, as Ripple had subjected him to “threats and harassment.” The Judge granted both claims.

Jeremy Hogan, another attorney offering commentary on the case, further explained the situation.

Judge Torres is not allowing the SEC expert’s opinions to be sealed just because they might “inflame” the public. Not only does she not allow the parties to keep relevant documents from the public as to THIS motion, she chills the SEC’s pending motions to seal. It’s a 2 for 1!

said the attorney.

Also read: Ripple CEO pleased with SEC legal battle progress, XRP jumps 17%

As the parties file motions to overpower each other, the lawsuit is nowhere close to its resolution. However, the blockchain company appears positive.

Will Ripple win?

As CoinChapter reported in mid-April, Ripple CEO Brad Garlinghouse was “confident” in a positive outcome.

The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago. But the wheels of justice move slowly.

commented the CEO in an interview.

Garlinghouse also stated that the SEC vs. Ripple legal battle holds importance for the entire crypto industry in the U.S. The blockchain company’s loss would mean the SEC is more likely to extend the same ‘courtesy’ to other tokens trading on U.S.-based exchanges.

Also read: Will Binance Coin (BNB) go through an XRP-like price crash amid SEC probe?

However, the governmental agency shows no sign of backing down or settling. As of mid-July 2022, the court proceedings are still ongoing, with no clear advantage on either party’s side.