Ripple serves deposition subpoena on former SEC official to testify in XRP case


  • Ripple has attempted to question a former SEC member under oath by serving a deposition subpoena.
  • Although the identity of the ex-SEC official has not been revealed, the securities regulator has filed a motion to quash the request. 
  • Given the level of involvement in the case, former SEC chairman Jay Clayton would be a likely candidate. 

The legal battle between the United States Securities & Exchange Commission (SEC) and Ripple Labs continues as the blockchain firm requests to bring a former SEC member to testify. The securities regulator initially sued the cross-border remittances firm for its sales of XRP as an unregistered securities offering. 

SEC attempts to quash Ripple request

As part of the latest development in the SEC v. Ripple case, the cross-border remittances firm served a deposition subpoena on a former official of the securities regulator. 

The deposition request by Ripple stated that it aims to bring a former SEC member to the court. According to James Filan, an attorney familiar with the case:

“This means that Ripple wants to question, under oath (deposition), a former SEC official.”

Filan further added that the identity of the former SEC member remains unknown at this point. Former SEC chairman Jay Clayton, responsible for bringing the case against Ripple in December, would be a likely candidate. 

While XRP has been put on trial, as the SEC claims that it is a security, Clayton has previously stated that the agency does not consider Bitcoin and Ethereum to be securities but has not detailed how he has come to this conclusion. 

Since Clayton left the agency last year, he has since taken on a new position as a crypto advisor to a hedge fund seeking approval with the SEC for a Bitcoin exchange-traded fund. The former chairman blocked every application for a Bitcoin ETF in the United States during his tenure.  

It is important to note that several high-profile members have left the agency in recent months and the subpoenaed figure could potentially be William Hinman, Sagar Teotia or Stephanie Avakian. Clayton remains the most likely candidate as the aforementioned members have had minimal involvement in the case. 

The SEC is now attempting to quash Ripple’s subpoena. Filan added:

“The SEC objects to the deposition, the parties could not work out their differences, and they want MJ Netburn to decide if it will happen. We do not know who the former SEC official is yet.”

The securities regulator will file a motion to quash the deposition request on June 24, and Ripple is expected to file an opposition to the agency’s motion to quash on July 1. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC scales higher, taking altcoins with it

Bitcoin price exuded bullishness over the past week as it continued to rally without significant corrections. As a result, Ethereum, Ripple and other altcoins have followed suit. Although the entire market looks bullish at the time of writing, things could turn awry if BTC witnessed a September 7-style crash.

More Bitcoin News

Dogecoin killer Shiba Inu ready for new bull run

Shiba Inu gets listed on Binance.US, SHIB price recovers from the loss posted over the past week. The Shiba-Inu-themed token is one of the top 10 most mentioned cryptos on Twitter alongside BTC, ETH, DOGE, ADA. Shiba Inu CEO reveals that Shibarium, Shiba L2 using Bone as native token, is currently under development.

More Dogecoin News

AVAX price to hit new all-time high at $80 as Avalanche bulls take over

AVAX price rose exponentially after breaking out of a crucial resistance level on September 10. However, this uptrend was cut short as the markets collapsed on September 12, which led to a quick retracement. However, Avalanche seems to be back on track and ready to continue its rally.

More Cryptocurrencies News

XRP price awaits 26% upswing, but stiff hurdles may blindside Ripple bulls

XRP price appears to be headed for a 26% climb, but the hopes of a Ripple rally could be hampered by the multiple resistances that stand in the way of the bullish target. The cross-border remittance token could find substantial support, should the optimistic outlook be ruined. 

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP