The lawsuit battle between the United States’ independent agency Securities and Exchange Commission (SEC) is still going, and it continues to gain momentum with the passage of time. Recently a telephonic conference between both of these parties occurred on the 30th of April, 2021. The San Francisco-based blockchain payments firm Ripple has submitted a request regarding Memorandum Of Understanding (MOU), about which the court has issued its remarks in the recent hearing.
Both of the parties are trying to get victory in the battle, and in order to keep the lead on the case, they are continuously collecting potential evidence so that they could make their position strong in the case.
The latest hearing revolves around MOUs
The latest hearing took place on the 30th of April on Friday, which completely revolved around MOU (Memorandum Of Understanding).
It was about the fact that whether it is mandatory to have an MOU between the foreign governments and the government of the United States or it is voluntary.
A few days ago, the blockchain payment giant Ripple submitted a request in the US Court accusing the Securities and Exchange Commission that it used various Judicial tactics for its requests of MOU. The cryptocurrency community favored this response of Ripple. While on the other hand, Sarah Netburn, the presiding District Judge, also issued remarks regarding this matter and said:
“My understanding is that although the foreign company must comply with the request by its government, the foreign government does not have to comply with the SEC’s request.”
These proceedings were witnessed by Hogan and Hogan’s partner Jeremy Hogan who is the attorney of Ripple. He recently appeared in a video on YouTube where he provided key updates regarding this lawsuit, and he shed light on the response of the District Judge and claimed:
“I think she was leaning towards allowing the SEC to continue with the requests because the handing over of the documents from the foreign government to the SEC is voluntary.”