Judge Sarah Netburn has ruled the US Securities and Exchange Commission (SEC) must disclose documents requested by Ripple for “review in camera,” attorney James Filan has announced.
The SEC’s right to refuse to disclose certain documents was discussed at a teleconference hearing on August 31.
At the hearing, judge Sarah Netburn concluded Ripple has presented sufficient grounds to grant the regulator’s request for access to these documents.
As a result, the judge will proceed to analyze them in private and they will be made public at a public hearing if she deems them important to the process.
The SEC has attempted to challenge the judge’s decision, alleging “special treatment of defendants” and that a “dangerous” precedent is being created for the regulator. However, the judge has rejected the request.
The SEC charged Ripple, Garlinghouse and company co-founder Chris Larsen in December 2020 with selling $1.3 billion in XRP through an unregistered securities sale.