Court orders in camera review of 3 SEC documents in XRP Lawsuit

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XRP Lawsuit recently witnessed a new turn when the Court granted Ripple’s appeal. The company appealed on September 24 that there is a need to have an in-camera review of three additional documents by the Securities and Exchange Commission (SEC).

Ripple believes that the prosecutor has either changed or withheld several aspects under the name of “privileged.” The details about the SEC’s meeting with law firms has also been asked to present. The other document is the email trail of the discussions of SEC with the entity whom the SEC guided to analyze its digital assets as per the structure announced by Hinman on June 14, 2018.

Netburn, the judge of the court, has granted Ripple’s appeal and has given October 15 as the deadline to SEC for explaining the privilege term for all documents. The court has also ordered the SEC to present the redacted version of its previous submissions. It has asked the Ripple for the response before October 22.

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It is important to note that the XRP Lawsuit came after SEC claimed that Ripple’s distribution of its token has been unregistered security trade since 2013. In a recent talk, SEC also made it clear that it is not going to ban crypto, but will regulate it.

SEC Argument on XRP Lawsuit

The progress of XRP Lawsuit followed Ripple’s September appeal to the court requesting the addition of three documents for in-camera reviewing under the privilege log the SEC has provided on Telephone. The SEC in response, objected immensely saying that the documents are non-responsive to the previous orders of the court.

Additionally, the SEC also stated that the mentioned documents are classified under privileged log because of their apparent pointless nature. If brought unnecessarily, they might lead to further potential disputes.

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The SEC further asserted that the papers come under DPP and added that the deliberations of the demanded articles are similar to the already-submitted SEC’s meetings documents. Hence, they might seem duplicate with the already submitted documents for in-camera review.

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