• 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. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.

More Cryptocurrencies News
XRP sees bullish momentum following $123 million increase in open interest

XRP sees bullish momentum following $123 million increase in open interest

XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.

More Ripple News
Coinbase launches wrapped Bitcoin token on Solana network

Coinbase launches wrapped Bitcoin token on Solana network

Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.

More Cryptocurrencies News
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL. 

More Solana News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP