Court May Prohibit SEC to Contact Foreign Regulators Regarding Ripple: Lawyer James Filan

Court May Prohibit SEC to Contact Foreign Regulators Regarding Ripple: Lawyer James Filan
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Yuri Molchan

Court has announced another conference for Ripple and the SEC, the judge may ban the SEC from making MOUs with foreign regulators about Ripple, a lawyer believes

One of the lawyers who represent Ripple fintech giant and two of its highest-profile executives in court, James K. Filan, has shared on Twitter that a new discovery conference is going to take place.

The conference will be regarding the SEC’s attempts to obtain documentation from foreign regulators regarding Ripple to use it in the case against the company.

Another discovery conference for Ripple and the SEC

The court has scheduled another discovery conference for Ripple and its “attacker”, the Security and Exchange Commission.

It will take place on April 30 via telephone and it will be regarding the SEC agency trying to establish contacts with foreign regulators who are dealing with Ripple in other countries.

The agency has been making MOUs with regulators regarding additional data and/or documents regarding Ripple that may be relevant for the lawsuit.

Earlier, U.Today reported that the SEC has been trying to ink similar MOUs with Ripple’s foreign partners.

Filan has tweeted that members of the public may join the upcoming conference as passive listeners (the even can accommodate 4,000 callers). He reminded the community that any unauthorized attempts to record the conference or livestream it on YouTube or any other platforms will be investigated and may be subject to criminal sanctions.

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Court’s ruling may be in Ripple’s favour: James Filan

During a discussion in the comment thread, the lawyer replied to an XRP fan about a possible outcome of the conference.

Filan expects that it is highly possible for the court to prohibit the SEC to use MOUs for obtaining information about Ripple from its foreign partners and from foreign regulators.

He also believes that the court may order the SEC to hand all the findings made in this manner over to Ripple.

“I think there is a decent chance the Court will order the SEC to stop using the MOU requests to get discovery and withdraw any that might be pending.”

editorial staff