Ripple wants to sue a former SEC employee
In the lawsuit between the US Stock Exchange (SEC) and Ripple, a new move came from Ripple. The company wants to summon a former SEC employee to testify in court. The SEC immediately objected to the request.
🔥Attorney James Filan, who follows the litigation process between Ripple and the SEC in detail and informs the public on his social media accounts, stated that Ripple wants to bring a former SEC employee to court. According to Filan, Ripple wants to question the former SEC employee under oath through the court:
↘️“Ripple wants to question a former SEC employee by sworn-in. The SEC opposed this request and forwarded it to the judge. The parties could not come to an agreement. Judge Netburn will make the final decision. We don't know who the SEC's former employee is. For now…"
🚨Could it be the president who filed a lawsuit just before he left?
As Filan said, it is not known who this person is, but many important names have left the SEC in recent months and they are all among the candidates. The most important of them, of course, is Jay Clayton, the former head who filed a lawsuit against Ripple just a day before he left his seat. According to experts, the other candidates are William Hinman, Sagar Teotia and Stephanie Avakian, who had little interest in the case and left the institution in recent months.
↘️Garlinghouse also pointed to Clayton
It is also unclear what Ripple intended with its move to bring a former SEC employee to court as a witness, but the company has previously criticized the SEC for suing them during the transitional period between Trump and Biden. Ripple CEO Brad Garlinghouse also said the following about Clayton in a statement he made in April:
“Jay Clayton… He filed this lawsuit against Ripple and me the day before he left his office. It is interesting that he made such a move just one day before he left his seat. I think it was misguided.”
↘️Ripple's small victories…
After the lawsuit filed by the SEC in December, the XRP price fell seriously, but as the process took longer and Ripple had minor victories in some periods, the price also recovered. Earlier this month, the judge Netburn denied the SEC's request and did not allow access to some of Ripple's documents. This decision was also interpreted as a small victory for Ripple.
However, again in mid-June, the dominant Netburn US SEC; He had also accepted a request to extend the deadline to submit tens of thousands of documents on Bitcoin, Ethereum and XRP spanning many years. Netburn extended the process to August. According to experts, this decision caused the case to be extended for at least 2 months.