{"id":461497,"date":"2021-04-16T21:14:31","date_gmt":"2021-04-16T21:14:31","guid":{"rendered":"https:\/\/wncen.com\/?p=461497"},"modified":"2021-04-16T21:16:08","modified_gmt":"2021-04-16T21:16:08","slug":"how-the-xrp-community-reply-to-the-secs-shady-move","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-the-xrp-community-reply-to-the-secs-shady-move\/","title":{"rendered":"How The XRP Community Reply To The SEC\u2019s \u201cShady\u201d Move"},"content":{"rendered":"<p>The Securities and Exchange Commission (SEC)<a href=\"https:\/\/wncen.com\/news\/how-ripples-big-win-in-court-correlates-with-xrps-113-rally\/\"> lawsuit against Ripple Labs,<\/a> and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#XRPCommunity<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/XRP?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#XRP<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SEC<\/a> v. <a href=\"https:\/\/twitter.com\/hashtag\/Ripple?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Ripple<\/a> <a href=\"https:\/\/twitter.com\/sentosumosaba?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@sentosumosaba<\/a> BREAKING: DISCOVERY DISPUTE REGARDING <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SEC<\/a> CONTACTING FOREIGN REGULATORS AND SEEKING DISCOVERY OUTSIDE RULES OF FEDERAL PROCEDURE AND HAGUE CONVENTION. LETTER MOTION ATTACHED.<a href=\"https:\/\/t.co\/53ytaZCjTi\" rel=\"nofollow\">https:\/\/t.co\/53ytaZCjTi<\/a><\/p>\n<p>&mdash; James K. Filan \ud83c\uddfa\ud83c\uddf8\ud83c\uddee\ud83c\uddea (@FilanLaw) <a href=\"https:\/\/twitter.com\/FilanLaw\/status\/18779648?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The SEC apparently is \u201cpursuing discovery\u201d from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (\u201cMOU\u201d) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention.<\/p>\n<p>The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from \u201coverseas entities\u201d. The document claims \u201cmany\u201d of these entities are the payments company business partners\u201d and about 10 international regulators.<\/p>\n<p>The defense qualifies the process as \u201cimproper\u201d and part of an \u201cintimidation tactic\u201d to allegedly reduce Ripple\u2019s capacity to conduct business outside of the U.S. The document said:<\/p>\n<blockquote><p>Not\u00a0 only\u00a0 is\u00a0 the\u00a0 use\u00a0 of\u00a0 pre-litigation\u00a0 investigative\u00a0 tools\u00a0 prejudicial\u00a0 to Defendants\u00a0 and\u00a0 the\u00a0 recipients\u00a0 of\u00a0 such\u00a0 requests,\u00a0 as described below, it also prevents this Court from\u00a0 exercising\u00a0 its\u00a0 lawful\u00a0 discretion\u00a0 regarding\u00a0 the\u00a0 scope of permissible foreign discover.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Behind the judge&#39;s back, the SEC violated U.S. civil court rules by issuing multiple &quot;MOUs&quot; to obligate foreign govts to obtain files from <a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Ripple<\/a>&#39;s foreign business partners.  They got caught.<br \/>Read the full letter to Judge Netburn here \ud83d\udc47<a href=\"https:\/\/t.co\/9P7wIMfTr8\" rel=\"nofollow\">https:\/\/t.co\/9P7wIMfTr8<\/a><\/p>\n<p>&mdash; CryptoLaw (@CryptoLawUS) <a href=\"https:\/\/twitter.com\/CryptoLawUS\/status\/87943694?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>SEC \u201cunjust\u201d advantage in XRP case?<\/strong><\/h2>\n<p>Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect \u201cregulatory pressure\u201d on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan <a href=\"https:\/\/twitter.com\/attorneyjeremy\/status\/15633924\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>This is NOT something a &#8220;typical&#8221; Plaintiff could do and it&#8217;s not fair, so Ripple is calling dirty-poker (\u2026). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well.<\/p><\/blockquote>\n<p>General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an \u201cinsane\u201d move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and <a href=\"https:\/\/twitter.com\/jesse_hynes\/status\/30035457\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>Shame on the SEC!\u00a0 On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.\u00a0 Can\u2019t wait for that Summary Judgment motion with a major questions doctrine argument.<\/p><\/blockquote>\n<p><a href=\"https:\/\/wncen.com\/analysis\/xrp\/ripple-xrp-rally-isnt-over-yet\/\">XRP is trading<\/a> at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.<\/p>\n<figure id=\"attachment_461503\" aria-describedby=\"caption-attachment-461503\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-461503 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-XRPUSDT.png?resize=860%2C424\" alt=\"Ripple XRP XRPUSDT\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-461503\" class=\"wp-caption-text\">XRP with moderate losses in the 24-hour chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" rel=\"nofollow\"> XRPUSDT Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird turn. According to the former federal prosecutor and defense lawyer James Filan, the Commission could have allegedly bypass certain rules to its benefit. #XRPCommunity #XRP #SEC v. #Ripple @sentosumosaba BREAKING: DISCOVERY DISPUTE REGARDING #SEC CONTACTING FOREIGN REGULATORS AND SEEKING DISCOVERY OUTSIDE RULES OF FEDERAL PROCEDURE AND HAGUE CONVENTION. LETTER MOTION ATTACHED.https:\/\/t.co\/53ytaZCjTi &mdash; James K. Filan \ud83c\uddfa\ud83c\uddf8\ud83c\uddee\ud83c\uddea (@FilanLaw) April 16, 2021 The SEC apparently is \u201cpursuing discovery\u201d from the United Kingdom Financial Conduct Authority (FCA) on Ripple. This method is called Memoranda of Understanding (\u201cMOU\u201d) and, according to a document file with the Southern District of New York and Magistrate Judge Sarah Netburn, violates the Hague Convention. The document was introduced by Ripple Labs legal representation and claims the SEC has at least 11 MOU demanding documents from \u201coverseas entities\u201d. The document claims \u201cmany\u201d of these entities are the payments company business partners\u201d and about 10 international regulators. The defense qualifies the process as \u201cimproper\u201d and part of an \u201cintimidation tactic\u201d to allegedly reduce Ripple\u2019s capacity to conduct business outside of the U.S. The document said: Not\u00a0 only\u00a0 is\u00a0 the\u00a0 use\u00a0 of\u00a0 pre-litigation\u00a0 investigative\u00a0 tools\u00a0 prejudicial\u00a0 to Defendants\u00a0 and\u00a0 the\u00a0 recipients\u00a0 of\u00a0 such\u00a0 requests,\u00a0 as described below, it also prevents this Court from\u00a0 exercising\u00a0 its\u00a0 lawful\u00a0 discretion\u00a0 regarding\u00a0 the\u00a0 scope of permissible foreign discover. Behind the judge&#39;s back, the SEC violated U.S. civil court rules by issuing multiple &quot;MOUs&quot; to obligate foreign govts to obtain files from @Ripple&#39;s foreign business partners. They got caught.Read the full letter to Judge Netburn here \ud83d\udc47https:\/\/t.co\/9P7wIMfTr8 &mdash; CryptoLaw (@CryptoLawUS) April 16, 2021 SEC \u201cunjust\u201d advantage in XRP case? Commenting on the discovery, lawyer Jeremy Hogan said the SEC is placing indirect \u201cregulatory pressure\u201d on Ripple and its partners. Since the Commission is the only party capable of employing said tactic Hogan said: This is NOT something a &#8220;typical&#8221; Plaintiff could do and it&#8217;s not fair, so Ripple is calling dirty-poker (\u2026). (former prosecutor), this is typical government prosecutorial pressure-litigation, applying pressure not only to you but your business friends as well. General Counsel for Gala Games Jesse Hynes also gave his opinion and claim it was an \u201cinsane\u201d move by the regulator. Hynes highlighted the importance and implication this lawsuit could have for the crypto industry and said: Shame on the SEC!\u00a0 On the bright side, the SEC is basically admitting that this is a matter of great political and worldwide significance.\u00a0 Can\u2019t wait for that Summary Judgment motion with a major questions doctrine argument. XRP is trading at $1,64 with an 8.9% correction after an impressive rally in the past days. On the weekly and monthly chart, XRP sits at 55.9% and 255.2% profits.<\/p>\n","protected":false},"author":535,"featured_media":461498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,16894],"tags":[3680,4531,78763],"class_list":["post-461497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ripple","tag-ripple","tag-xrp","tag-xrpusdt"],"acf":[],"yoast_head":"\n<title>How The XRP Community Reply To The SEC\u2019s \u201cShady\u201d Move<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, and executives Brad Garlinghouse and Chris Larsen seem to have taken a weird\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Marquez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"caption\":\"Reynaldo Marquez\"},\"description\":\"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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