Ripple Labs and SEC case has been in court for more than a year. During the last few weeks, the case has started to make some progress. However, with the latest DPP or Deliberative Process Privilege ruling, the odds seem to be weighing in favor of the SEC. The DDP is a legal defense that grants immunity to government institutions from disclosing their internal correspondence.
Ripple Labs lawyers were planning on overturning the SEC case by calling for internal communications about Bitcoin and Ethereum among the agency officials. One of the attorneys from the defense team of Ripple, James K. Filan, told the media that a rebuttal in the court had been submitted already. Ripple Labs wants to get hold of the conversation between former SEC Deputy General Counsel Matthew Estabrook and former Commissioner Elad Roiseman.
The SEC vs. Ripple Labs case has been making very slow progress in the court, while Ripple Labs has been getting a lot of media exposure and attention due to the latest developments made in the case. Filan told media that SEC officials have been trying to get a do-over option for the case. On the other hand, Ripple Lab head defense attorney Stuart Alderoty also inflicted a strong blow to the agency.
Alderoty filed arguments in court, slamming the regulatory agency for derisive use of unsealed legal documentation. He claimed that SEC used the financial records of Ripple against the company in court rather than encouraging it for following the due legal process. He also said that the occurrence was offensive.
Despite SEC Lawsuit, XRP Token has Managed to Remain in the Top Ten Cryptocurrencies by Market Cap
When SEC first filed the lawsuit against Ripple in 2020, a considerable number of cryptocurrency exchange platforms delisted XRP. The main reason for the market-wide delisting was to escape the possibility of legal entanglement with the SEC. However, since then XRP token has managed to salvage its per unit market value.
At present, XRP is valued around $1, and it has managed to surpass the ADA token despite the legal implications of facing off SEC in the court. In case the case starts to go in favor of Ripple Labs, the token has a good chance to retake $3 ATH before it was facing the lawsuit.