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.
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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 token of XRP Ledger which powers Ripple’s payment network, was down 4,6% over the past 24 hours at US$0.3693 at 4:33 p.m. HKT, according to data from CoinMarketCap.
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