Ripple has filed an opposition on June 27 to SEC redactions with three key points.
The firm has announced the opening of a new office in Canada with active recruitment.
The Ripple defendants have filed an opposition to the SEC’s suggested redactions. The opponents, SEC have put forward some suggestions for sealing which include a description of flaws in the expert’s methodology, inconsistency in the SEC’s position, and also statements highlighting the authority’s position.
And the firm believes that all these conclude only one thing, which is SEC’s defensive mechanism to avoid criticism from the public forum. They want to suppress the declaration by experts and the reason put forward is that it may “inflame the discourse”.
Ripple requests the court to call off the SEC recommendations as the proposed redactions are completely against the public’s right to information. And the interest in the case among the crypto market is keen since its filing in Dec 2020.
Ripple’s Backup Plan
Brad Garlinghouse, CEO of Ripple, stated recently that the firm will be moving out of the states if they taste defeat against the SEC. And the organization seems to be ready with the backup plan too.
Garlinghouse states:
“if we lose our lawsuit with the SEC we will leave the United States entirely”
The previous week, the company made an official tweet announcing the opening of a new office in Toronto, Canada. The office will be functioning as the engineering hub and also the management is practicing active recruitment for 50 engineers as of now. The count is expected to double very soon as well.