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Judge grants Ripple’s request to review videos of SEC officials

·1 min read

U.S. judge Sarah Netburn on Sunday granted Ripple Labs’ motion to serve two subpoenas to authenticate seven video recordings in which U.S. Securities and Exchange Commissions officials made public remarks.

See related article: XRP trades down 3.5% after Ripple unlocks 1 billion tokens from escrow

Fast facts

  • The judge’s order comes in response to Ripple’s motion, seeking permission to serve two non-party subpoenas to obtain copies of seven video recordings in connection with the court’s July 19 order.

  • Ripple’s request was in response to the SEC trying to reopen discovery and seeking a waiver of authenticity and other procedural objections to the agency’s videos, a tweet by defense lawyer James K. Filan showed.

  • The SEC claimed it would seek to authenticate the remarks once Ripple offers downloaded versions of the SEC videos, which are hosted on two video platforms.

  • Ripple said that the two subpoenas it looked to serve are not a reopening of discovery and pose no timeliness issue.

  • Judge Netburn “ignored the SEC’s claim that Defendants were trying to reopen fact discovery,” Filan wrote in the tweet.

  • In December 2020, the SEC filed a lawsuit against Ripple alleging that its sale of XRP was an unregistered securities offering worth over US$1.38 billion. The SEC also named Ripple’s executive chairman Chris Larsen and CEO Brad Garlinghouse as co-defendants for allegedly aiding and abetting Ripple’s violations.

  • XRP, the native coin of the XRP Ledger created by Ripple Labs, was down 4,6% over the past 24 hours at US$0.3693 at 4:33 p.m. HKT, according to data from CoinMarketCap.

See related article: Singapore’s FOMO Pay partners with Ripple for XRP-based treasury payments