According to a news report on CryptoNewsZ, the legal tussle between Ripple and Securities and Exchange Commission (SEC) has taken a new turn. The former submitted a request before the court to depose an ex-SEC representative. By doing this, Ripple aims to bring testimonies of these officials before the court. According to Ripple’s lawyer, James Filan, the request has been submitted to the court to question former SEC officials as it is yet to decide who among the ex-bureaucrats they want to call for the testimony.
It is important to note that many high-ranked officials of the SEC have left the federal agency in the recent past, and all of them could be potential candidates for the testimony. Among the prominent names include Ex-Chairman of the commission Jay Clayton. Jay initiated the proceeding against Ripple in December last year, and his active involvement in the case makes him a potential candidate for the questioning. Other names doing the rounds include the likes of Sagar Teotia, William Hinman, and Stephanie Avakian.
Interestingly, the SEC is trying to block the deposition request of the Ripple. As noted by James, SEC is objecting to the request of deposition, and this is why both parties have now called upon the magistrate to decide the future course of the action ultimately.
By calling the former officials of the SEC, it is unclear what Ripple is trying to accomplish. In December 2020, SEC filed a lawsuit against Ripple because the company’s sales of its native token XRP were illegal. Ripple, in return, contended that the Federal agency didn’t serve it a notice before filing the lawsuit. Jeremy Hogan, XRP’s community lawyer, the case could conclude by early 2022. It’ll be interesting to witness how this latest development will impact XRP and whether Ripple prediction for the future remains positive.
