SEC vs. Ripple: SEC wants to Limit Ripple’s Access to Its Internal Documents

SEC vs. Ripple: SEC wants to Limit Ripple’s Access to Its Internal Documents

The Securities and Exchange Commission (SEC) is accusing Ripple (XRP) of “harassment” shortly after its executive won a bargain to gain access to internal documents from the regulatory body.

The documents contain details on Bitcoin (BTC), Ethereum (ETH), and Ripple, where the SEC classifies them as digital currencies. That said, the SEC is striving to restrict access to these documents, arguing that they are irrelevant to the case.

Meanwhile, Ripple won the right to evaluate the SEC’s internal records and communications. The court issued a directive to the Commission to examine thousands of emails of 19 custodians for documents related to Ripple, Bitcoin, and Ethereum.

Although the regulators complied with the order, it restricted access to certain records. The SEC then forwarded a letter to Judge Sarah Netburn on April 21, requesting that the court limits Ripple’s access. The letter noted that:

“It has become evident through the meet-and-confer process that Defendants are seeking to ignore the limitations of this Court’s Order and to mire the SEC in indefinite discovery disputes and, if successful, document review.”

Comments from a Ripple Attorney
Ripple attorney Jeremy Hogan recently revealed a public document citing the SEC referring to Ripple as a digital currency company in 2016. Hogan added that the Commission agreed with FinCen that XRP was just another crypto asset.

Hogan commented that:

“Mellon is an experienced businessman who is the former Chairman of the New York Republican Party Finance Committee. He is a graduate of the University of Pennsylvania’s undergraduate Wharton School 2 of Business and currently serves as an advisor for a digital currency company called Ripple Labs, Inc.”

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.