Representatives of Ripple Inc. have initiated a counter move as the United States Securities and Exchange Commission (SEC) attempts to hide critical information and identities in the upcoming Daubert motions event between both parties. Ripple stated that the regulatory body is abusing the Protective Order in an attempt to prevent criticisms of its experts from reaching the public.
SEC Requests to Conceal Daubert Motions from Public View
The United States Securities and Exchange Commission or SEC is currently battling with Ripple Inc. in court. The regulatory body claims that the blockchain company sold an unregistered security.
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As part of the lawsuit’s demands, both parties are scheduled to file their Daubert motions on Tuesday, July 12, 2022. The idea behind Daubert motions is to question the reliability and admissibility of an expert’s reports and testimonies.
Given the upcoming Daubert motions event, the SEC requested the presiding Judge to seal information identifying one of its experts as well as conceal the substance of his testimony from the public. As revealed in a letter, Ripple’s representatives and other attorneys like Jeremy Hogan see this move by the SEC as shocking and unacceptable.
In response to this egregious and pending request by the SEC, representatives of Ripple Inc. have submitted an opposing letter to Judge Torres. Per the letter, Ripple’s counsels write to seek an expedited briefing schedule on the extreme position taken by the US. Securities and Exchange Commission that the names of its experts and any substantive criticism of their reports should be kept from public view.
“The SEC’s attempt to shield the identities and opinions of its experts from any public scrutiny is both unprecedented and unsupported by any evidence of need. It is antithetical to the right of the public to have access to substantive materials that will be critical to this Court’s upcoming rulings on the parties’ Daubert motions,” a part of the letter said.
Meanwhile, attorneys representing Ripple Inc. have been forced to file four of their five Daubert motions and exhibits under seal, pending the court ruling on the SEC’s request to conceal information.
As revealed in the letter, this resolution comes five days after Ripple’s representatives’ search for a loophole that would allow at least some of the SEC’s Daubert motions to be filed publicly on July 12 proved futile.
SEC Dragging Case Backward With Extreme Position
Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, has slammed the Securities and Exchange Commission yet again, for attempting to conceal facts and information relating to the ongoing Ripple lawsuit. The legal expert opined that the SEC is dragging the case backward with such actions.
This case (again) is a$$ backwards, with the prosecutor (SEC) attempting to hide everything. Normally in these cases it's the company that wants to hide things from the public!
Judge Torres has shown a slant towards disclosure so I don't think she'll seal what the SEC hopes… https://t.co/SzIl9vaDPn
— Jeremy Hogan (@attorneyjeremy1) July 11, 2022
With these recent developments, the public might not get to see any of the motions filed in court tomorrow, Jeremy Hogan added.
It should be noted that Ripple CEO, Brad Garlinghouse had earlier said Ripple will move its services away from the United States if the ongoing case ends in favor of the SEC.