Ripple’s General Counsel Stuart Alderoty recently shared SEC commissioner and crypto mom Hester Peirce’s remarks on the recently released SEC staff accounting bulletin, ”the Commission has refused, despite many pleas over many years, to provide regulatory guidance about how our rules apply to crypto-assets, so some of the responsibility for the lack of legal and regulatory clarity lies at our doorstep.”
The Securities and Exchange Commission has released a staff accounting bulletin regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.
Ripple was slapped with a lawsuit by the SEC in December 2020 for selling unregistered securities. After months of going back and forth, the parties are now inching closer to the resolution of the case while they continue fighting over access to the agency’s internal documents
In Mar. 28 updates shared by the Defense lawyer James K. Filan, Ripple’s request for extra time regarding the redacted documents was granted in a text-only order. The SEC is directed to produce the redacted documents for the defendants’ assessment by March 30, 2022. The defendants’ response is due April 4, 2022.
He continued that the documents won’t be filed publicly rather they will be produced to Ripple defendants, Chris Larsen and Brad Garlinghouse for their review to see if they have objections and to help them assess how they will respond on April 4th.
According to the defense lawyer, ”The only motions that were pushing up against the 6-month rule were the motions to strike and dismiss and the DPP ruling. All three motions have been decided. The motion for reconsideration on the DPP issue was only filed on February 25, so the (6-month) rule is not implicated there”
The upcoming court ruling on the SEC’s motion for reconsideration, however, might change everything. A Ripple win might imply that the SEC will be forced to produce the very sensitive documents regarding Hinman’s 2018 speech
In earlier positive developments, the court rejected the SEC’s motion to strike Ripple’s pivotal defense, a development that has instilled more optimism in the individual defendants. Ripple CEO, Brad Garlinghouse recently said that he was “pleased” with how the case was unfolding despite the fact that he and Chris Larsen failed to dismiss the lawsuit.
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