XRP Lawsuit: Ripple’s letter brief criticizes SEC’s ‘ultra-aggressive’ approach

• It has now been very close to a year since XRP has been taken to court by the SEC over the sale and profit from what they considered “unregistered securities”. Judge Sarah Netburn issued a letter to both of them asking to submit a “Deliberative process privilege”. The judge had them send in short briefs supporting their arguments.

• “As NRDC [case] confirms, the SEC must identify a specific decisionmaking process and explain in its privilege logs how each withheld document connects to that process, a burden the SEC has plainly failed to meet here.”

• Basically what they are looking for is clarity on how SEC is making decisions on how they are using withheld documents and explain privilege that they have handed out in the past to other companies. Gary Gensler also said yesterday that he urges financial technologists to work within SEC boundaries. Most of these crypto companies have been trying to do there best to play within the rules but still seem to run into problems.

• John Deaton, who is a crypto lawyer and represents tens of thousands of XRP holders, also claims that the SEC is “carrying out regulation through enforcement.” This will be a land mark case when it is all over. It will be interesting to see how it affects the space going forward. More and more pressure is being put on regulating bodies as companies are screaming for actual guidelines and not a case by case scenario for what works and what does not.