{"id":48652,"date":"2021-08-31T21:16:11","date_gmt":"2021-08-31T18:16:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48652"},"modified":"2025-09-02T03:19:41","modified_gmt":"2025-09-02T00:19:41","slug":"court-backs-ripple-in-sec-document-disclosure-dispute","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-backs-ripple-in-sec-document-disclosure-dispute\/","title":{"rendered":"Court backs Ripple in SEC document-disclosure dispute"},"content":{"rendered":"<p>Magistrate Judge Sara Netburn ruled that the U.S. Securities and Exchange Commission (SEC) must provide the requested Ripple documents for <a href=\\\"https:\/\/en.wikipedia.org\/wiki\/In_camera\\\">review in camera<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Judge Netburn is setting this up to Order the SEC to give them to her to review in camera.<\/p>\n<p>\u2014 James K. Filan \ud83c\uddfa\ud83c\uddf8\ud83c\uddee\ud83c\uddea (@FilanLaw) <a href=\\\"https:\/\/twitter.com\/FilanLaw\/status\/1432749980163399684?ref_src=twsrc%5Etfw\\\">August 31, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>At the August 31 hearing, held by teleconference, the parties discussed the <a href=\\\"https:\/\/content.next.westlaw.com\/Cosi\/SignOn?redirectTo=%2f2-522-0897%3f__lrTS%3d20201013140117301%26transitionType%3dDefault%26contextData%3d(sc.Default)%26firstPage%3dtrue\\\">deliberative process privilege<\/a> for the SEC. This is a legal principle allowing the regulator to refuse to disclose documents or testimony, citing the confidentiality of data and sources.<\/p>\n<p>Netburn said that Ripple had presented compelling arguments in support of its request, and therefore she needed to review the documents to determine whether they should be protected from disclosure.<\/p>\n<p>The term review in camera, which Netburn used, means that at this stage the defendants will not be able to review the SEC data provided. If the judge deems them important to the case, they will be made public at an open hearing.<\/p>\n<p>A SEC representative sought to overturn the judge&#8217;s ruling, citing \u201cspecial treatment for the defendants\u201d and creating a \u201cdangerous\u201d precedent for the regulator, but Netburn rejected these arguments. In her words, Ripple will not obtain privileges, as the company&#8217;s lawyers will not see the documents until she decides otherwise.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(3\/3) Netburn interrupts and reminds Tenreiro \u00abthe defendants won\u2019t be reviewing them\u00bb but that she will be, and schools Tenreiro how she does in camera review and why it is fair. \ud83d\udd25\ud83d\udd25\ud83d\udd25\ud83d\udd25<\/p>\n<p>\u2014 CryptoLaw (@CryptoLawUS) <a href=\\\"https:\/\/twitter.com\/CryptoLawUS\/status\/1432751695923195917?ref_src=twsrc%5Etfw\\\">August 31, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Netburn must review the SEC information by September 28, after which she will decide whether to uphold its secrecy. The regulator has been ordered to submit the documents with minimal redactions.<\/p>\n<p>During the hearing, the question of providing the SEC access to Ripple employees&#8217; Slack correspondence was not raised.\u00a0<\/p>\n<p>Former SEC corporate finance director William Hinman said that <a href=\"https:\/\/u1f987.com\/en\/news\/former-sec-official-warned-ripple-that-xrp-could-be-deemed-a-security\">warned Ripple about the risk that XRP could be deemed a security<\/a>.<\/p>\n<p>Earlier, Brad Garlinghouse&#8217;s company requested <a href=\"https:\/\/u1f987.com\/en\/news\/ripple-seeks-data-on-sec-staff-cryptocurrency-trades\">data on regulator employees&#8217; cryptocurrency transactions<\/a>.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news on our Telegram \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Magistrate Judge Sara Netburn ruled that the U.S. Securities and Exchange Commission (SEC) must provide the requested Ripple documents for in-camera review.<\/p>\n","protected":false},"author":1,"featured_media":48653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[112,128,26],"class_list":["post-48652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ripple","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=48652"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48652\/revisions"}],"predecessor-version":[{"id":48654,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/48652\/revisions\/48654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/48653"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=48652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=48652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=48652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}