The current lawsuit that has been going on between XRP’s parent company and the SEC has turned dirty now. The SEC has claimed that the token holders have been targeting various members of the SEC on social media platforms where they have been putting forward false statements.
The motion on Thursday which was addressed to Judge Sarah Netburn in the Southern District of New York saw the SEC requesting a conference that would be discussing the quashing of the motion from Ripple to subpoena. The subpoena from the parent company was against the former director of the corporate finance regulatory body division- William Hinman.
XRP Army Has Clashed Against the SEC
The SEC went on to argue that the motion of XRP does set a precedent for other crypto companies to allow a much-varied parade of requests which would be included in the testimony of higher-ranking officials of the government. This, the SEC believes, would interfere with the operations of the US Government.
The motion stated that if the law allows Defendants to depose the former Director Hinman, it would definitely result in the Director being served with a myriad of deposition subpoenas from quite a lot of other individuals that have violated the provisions of registration of the securities laws during the tenure of the Director at the SEC.
The SEC further argued that such a stance would not just create a significant amount of burden for the Director, it would also make other qualified individuals quite hesitant to work for the SEC because they might get involved in litigation for the years they were in service- even after they have left service.
One of the many reasons why the SEC has argued against letting XRP’s parent company Ripple depose Hinman is because the XRP army has allegedly used social media in order to disseminate false and negative statements about the leadership of the SEC.
