As the Ripple-SEC saga continues, the defendant has now filed an opposition to SEC’s motion, seeking a protective order.
Ripple Moves to Stop Telephone Conference
Through a tweet, Ripple’s attorney and former Fed prosecutor, James K. Filan revealed that Ripple has filed a motion to prevent the SEC from acquiring a protective order. The order, if granted, will relieve SEC from the obligation of answering Ripple’s requests for admission(RFAs).
Filan stated, Ripple has filed a motion that opposes the agency’s request for a telephone Conference, asked for with the intention to get a protective order that will relieve “the SEC of any obligation to respond to requests for admission(“RFA”)”.
Filan further denied SEC’s proposition that the RFAs are burdensome and does not have much utility, as he noted that the RFAs are critical as they concern the crucial facts that they(defendant) believe are not disputed and true admission from the agency will “therefore significantly narrow the issues for trial”.
Why is RFAs Crucial for Ripple?
For Ripple RFAs are of paramount nature in many regards. Especially as far as their “fair notice” motion is concerned. Remember that the defendant has previously filed a “fair notice” motion, arguing that the agency failed to provide any fair notice that they deem XRP a security, neither to Ripple nor to any other relevant party, before eventually filing the lawsuit in the court.
Ripple specifically came up with a statement that shows, when a crypto exchange decided to list XRP they discussed the token with the agency sharing with them their view that the exchange does not think XRP is likely to be a security under the present securities law. Ripple argued that did the SEC at any point told the exchange that XRP is a security or an investment contract?