Earlier this week, Ripple (XRP) filed a lawsuit against the US Securities and Exchange Commission (SEC) regarding the SEC’s failure to produce documents by the end of January.
Ripple (XRP) is asking the judiciary to impose a deadline on the U.S. Securities and Exchange Commission (SEC) to produce documents and the information they have about XRP, a move that the cryptocurrency firm says could help its chances in a larger class action lawsuit.
… the SEC is also responsible under the federal securities laws for the investigation and enforcement of those laws….In a lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple, the San Francisco-based fintech company accuses the securities regulator of intentionally refusing to release documents related to BTC, ETH and XRP. This is despite Judge Netburne’s ruling on April 6, which ordered the SEC to make public communications about the aforementioned cryptocurrencies. This stagnation is another example of how the SEC’s case against Ripple is unraveling.
Ripple accuses SEC of ignoring court ruling
Commenting on the situation, former federal prosecutor James C. Filan said the SEC refused to play along by not providing data after the ruling. #XRPCommunity #SEC_NEWS vs #Ripple #XRP Ripple files motion to compel. SEC refuses to release internal documents on BTC, ETH and XRP Judge Netburn has twice asked them to release documents. No document was created. Judge Netburn will not be pleased, Philan said. In a letter to Judge Netburn, Ripple’s legal team asked the court to set a deadline for providing documents to the SEC, which was set for April 6. and again on April 6. The month of May was requested. Michael K. Kellogg, representing the defendants, said the SEC’s excuses for calling the disclosure of documents irrelevant and unnecessary and for requesting time extensions due to internal delays can only be resolved by a strict deadline. The SEC repeatedly delayed providing this information, telling Judge Torres that the required disclosure was irrelevant and unnecessary.
Why SEC disclosure matters
A key part of Ripple’s defense against allegations that it sold $1.3 billion in unregistered securities with two key executives is the fair notice argument. Ripple believes that XRP, like Bitcoin and Ether, is not a security, and the SEC has not issued a statement to the contrary. Given the earlier ruling in which regulators gave a green light to Bitcoin and Ethereum, Ripple argues that the similarities between the three cryptocurrencies led them to believe that XRP is not a security either. By analyzing the documents in the SEC’s possession, Ripple hopes to establish the equivalence of cryptocurrencies by providing evidence to support its claims. However, due to delays in the submission of documents, this equivalence cannot be established. According to Finance Feeds, the judge can fine the SEC or dismiss the case altogether if the plaintiff continues to refuse to cooperate with disclosure. However, the article acknowledges that dismissal of the case is unlikely because the case is in the investigation stage. However, Ripple’s CEO Brad Garlinghouse has already stated that he is willing to fight to the end to set a precedent for the rest of the industry.
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Last month, the SEC filed a complaint against Ripple Labs Inc., the company behind a cryptocurrency known as XRP, accusing the company of not having the proper registration. The SEC further alleged that the company didn’t fully disclose information about the company, including internal financial statements and the number of XRP tokens it sold to investors.. Read more about sec xrp statement and let us know what you think.
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