Ripple Plans To Bring Former Member Of SEC To Testify In The Court

A new diversion in the legal case between Ripple and the Securities and Exchange Commission of the United States has been observed as the target of Ripple is to dismiss an SEC former member by appealing the court to call him before the court for presenting his testimony. The request from Ripple is being put down by the Securities and Exchange Commission of the United States.

Ripple wishes an argument with the former SEC official

As the lawyer James Filan stated that the target of the deposition request by Ripple is to take a former official of SEC to court. He added that the intention of Ripple to question an SEC former official under oath is crystal clear by request submitted by it. Filan continued by mentioning that the particular information about ‘who the SEC’s ex-official is’ has not yet been provided to the community. Nonetheless, various eminent officials have quit the SEC in the past few months; therefore, there is a chance for each to be picked up for the testimony.

One of the prominent candidates is the ex-Chairman of SEC named Jay Clayton, who is credited to initiate the lawsuit against Ripple in the previous December. His deep rootedness in the case makes him a person most likely to be chosen by the defendants.

The other possible candidates include Stephanie Avakian, Sagar Teotia, and William Hinman. All of these candidates departed from SEC in the recent few months. Notwithstanding, none of the individuals had a significant entanglement with the case that is the reason making them less possible candidates to be summoned to the court.

SEC tries to put down the request

Simultaneously, it is being attempted by the SEC to dismiss the request submitted by Ripple. According to Filan, the deposition is objected to by the SEC. He further revealed that the disputes between SEC and Ripple are not to be handled mutually so that they move ahead towards Sarah Netburn (the Magistrate Judge) to resolve the case.

There is no clear evidence about the actual purpose that Ripple wants to fulfil by calling a former official of SEC for presenting his/her testimony in court. Notwithstanding, SEC has been criticized by Ripple for the launch of its legal case at the time of changeover between the Trump and Biden administrations.