Lawyers representing Garlinghouse and Larsen have issued a letter denouncing SEC conduct and demanding for immediate “sanctions” against the regulatory body in the latest step in the increasingly contentious SEC v. Ripple case.
The SEC has not “met its burden to prove” that Dr. Metz’s newest minute “expert report” is relevant to the trial and will not impact the decision, according to the letter, which was published on March 24th. Dr. Metz had previously provided the court with a report. Other experts, however, criticized him, claiming that he had not convincingly demonstrated that XRP price swings were influenced by deceptive tactics rather than spontaneous news regarding Ripple.
According to the Garlinghouse letter, Dr. Metz then prepared an unapproved response, not only responding to the criticism but also adding totally new points of view that were not included in the initial study. This is a tactic that gives the prosecution an unfair edge in a legal case like this because the defense is not given enough time to reply to any fresh claims in a reasonable manner.
This isn’t the first time the SEC’s actions in this matter have been criticized. The SEC went to tremendous efforts to get the required notes redacted after Ripple’s recent motion to unseal SEC internal papers was partially granted, ostensibly to ensure that they do not overly reflect the “author’s own understanding of the staff’s discussions.”
According to Garlinghouse’s lawyers, the SEC’s suspicious behavior and general lack of transparency “need punishment.” Ripple has accused the SEC of treating it unfairly in the run-up to the trial and during the litigation process, so this stinging letter has taken a long time to write.
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