The US Securities and Exchange Commission plans to file a motion to waive the defendant’s (Ripple) testimony on June 24th against a former SEC official.
SEC Files Motion Due to Difference
The SEC plans to file the motion below due to differences between the two parties as Ripple plans to take an oath to challenge a former SEC official and the SEC opposes it entirely. Judge Netburn will decide whether Ripple can challenge the former SEC official (currently unknown).
The official schedule for the application is as follows
The SEC v. Ripple has made significant strides in the past six months, and while both parties are hoping to occupy the moral superiority, it is far from over. The case has gone through several twists and turns, with many hearings supporting Ripple while several other SECs appear to have the upper hand. At some point, it seems that the SEC will also embark on a path of reconciliation.
The Crypto Community Guesses the Identity of the Former SEC Official
The former official’s identity is yet to be determined, but the crypto community is already speculating on possible names, with Jay Clayton, the former chairman of the U.S. Securities and Exchange Commission who filed a lawsuit in December, topping the list. One user wrote
“Former SEC Official? It’s definitely Clayton …”
Others doubted Ripple would question Clayton, saying it could be another officer who was fired. The user wrote
“Doubt it is Jay Clayton, he wouldn’t tell the truth. It’s probably a Former SEC official they let go, who would be willing, to tell the truth about the SEC’s real motives behind the case. It must be damaging to the SEC, that’s why they want to prevent it.”
Much depends on the judge’s order on the application, and the chances of rejecting the application based on previous decisions are very high.