Ripple vs. SEC: SEC Argues Against Punishment and Override of DPP

Azeez Mustapha
18 August 2021 | Updated: 18 August 2021

In the ongoing Ripple vs. SEC legal battle, the SEC recently filed an opposition against Individual Defendants’ Motion challenging the SEC’s improper assertion of the Deliberative Process and other privileges (DPP). The Commission has asserted its position against the discovery of internal and inter-agency documents protected by DPP.

The SEC urged the court not to override and punish efforts by the government, with emphasis on the XRP lawsuit. The agency noted that the internal, pre-decisional, and deliberative data came through defendants which they did not know of. That said, the regulatory body marks the data discovery plea from Ripple as irrelevant to claims or defense peculiar to the lawsuit.

Meanwhile, the Securities and Exchange Commission argued that it had already developed eminent documentation for the defendants. However, the defendant—Ripple— has sealed that most pivotal evidence, i.e, the deposition testimony of former SEC Division of Corporation Finance Director William Hinman that he met with some Ripple representatives.

Hinman claims that he alerted the defendants that their XRP sales were sales of securities, adding that he further advised Ripple to halt the unregistered sales.

The SEC argues that the defendant’s reasons behind its motion challenging the agency’s inappropriate assertion of the Deliberative Process are “illogical.” As such, the agency expects the court to throw out the defendants’ request to reveal non-public and privileged SEC data.

Key Ripple Levels to Watch — August 18

XRP is in the middle of a sharp correction towards the $1 level as the cryptocurrency aims at easing out of overbought conditions. However, the decline might end soon as trading conditions are back at neutral levels, based on our 4-hour MACD Indicator.

XRPUSD – 4-Hour Chart

That said, we expect a rebound over the coming hours to the $1.2000 level, given that price stays above the 50 SMA line. While further declines are unlikely, a break below the $1 mark could frustrate bullish recovery efforts and increase bearish pressure.

Meanwhile, our resistance levels are $1.1500, $1.2000, and 1.2700, and our support levels are $1.1000, $1.0500, and $1.0000.

Total Market Capitalization: $1.98 trillion

Ripple Market Capitalization: $51.7 billion

Ripple Dominance: 2.61%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.