The US SEC have made known its intentions to file an IMD response in the case against Ripple. The case of the SEC vs Ripple Labs has been ongoing since last year. The latest development is about SEC wanting to file a response to Individual Motions to Dismiss.
It is expected that the litigant, that is SEC will send a response document to support its accusations. The response document is expected to be detailed, about 60 pages of content, according to James Filan.
Filan also stressed on the need to hear the defendant’s reasons. He stated that it will be out of place to assume reasons or make a guess for Ripple. While he expects an explanation from Ripple, he expects the reasons given to be straightforward.
Filan also updated the followers of the case on the recent ongoing. He mentioned that there will be no hearings for the case scheduled in the coming week. However, he emphasized the need for both parties involved in the case, to respond to a Motion to Intervene. He expects their response to be given on or before May 3.
Seasoned Lawyer, John Deaton, is also involved in the case. He has consistently given his Twitter and blog followers useful updates on the case. Speaking about the Motion to Intervene, he said: “This isn’t my motion, it is the motion of over 16000 XRP holders.” He also heaped praise on the XRP community, commending the intellect of the people in the XRP space.
SEC vs Ripple – The Legal Battle
Both organizations have frequently locked horns with each other through the course of the case. At the moment, Ripple have accused the SEC of illegally seeking information from Ripple’s foreign regulators. On the other hand, the SEC have appealed to the case’s judge, to restrict Ripple from certain discovery materials. In the meantime, the law suit seems to be going Ripple’s way. However, the SEC still have strong basis to support their notion.