The cryptocurrency industry has reacted strongly to Ripple’s lawsuit against the SEC and is closely following this case. Professionals in the cryptocurrency industry are hoping that Ripple will win this protracted legal battle. Actually, if Ripple loses, the SEC might look into more of the existing cryptocurrency initiatives. The cryptocurrency industry is responding to the conflicting positions that the parties to the litigation are currently taking over the expert reports that the SEC issued.
In this instance, the SEC adopts a “extreme position.”
On July 11, photos of a letter written to Judge Torres in Ripple’s lawsuit against the SEC were uploaded on Twitter by the James K. Filan account. The names of the SEC’s experts who have written reports on Ripple appear to be explicitly forbidden from being made public. The SEC also requests that any in-depth comments of these reports remain private.
Furthermore, it emphasized that three additional of its experts are also subject to the request for sealing. This indicates that the SEC ultimately wants the material regarding four experts to be sealed. The panel specifically requests that the public be kept in the dark about the reports’ authors, conclusions, and other relevant details.
The request to seal the first expert’s material is still an open question in the meantime. Remember that the focus of the expert’s analysis is on what motivates XRP holders to purchase their tokens. In this situation, according to Ripple, the SEC has taken a “extreme position.”
Ripple criticizes SEC behavior
The Ripple crew responded to the sealing request right away. The SEC’s assertions, she said before Judge Torres of the Southern District of New York Court, are not supported by substantial evidence. She recalled that the purpose of a Daubert petition is to contest the veracity and reliability of an expert report. It turns out that the SEC’s request will necessitate filing and sealing the full document for four experts.
The SEC is obviously acting in a way that restricts the public’s ability to access pertinent resources, claims Ripple. The Ripple team stated as follows: “The SEC’s attempt to keep the identities and viewpoints of its experts secret from the general public is both unprecedented and unjustified by any evidence. It goes against the public’s right to access important records that will be relevant to this Court’s future rulings on the parties’ Daubert motions.
The cryptocurrency community has objected to the SEC’s actions since the litigation against Ripple began. Even though Ripple is currently in a good position, it’s difficult to predict how the lawsuit will turn out given all the twists we’ve witnessed so far. The crypto world is currently waiting impatiently to learn what proof the SEC would use to support its sealing request.
