Ripple argues SEC stalls case amid refusal to hand over Bitcoin, Ether and XRP documents


  • Ripple Labs has recently filed a motion to compel the United States Securities & Exchange Commission to hand over internal documents on the leading cryptocurrencies.
  • The SEC has repeatedly refused to produce records on Bitcoin, Ether and XRP.
  • Judge Sarah Netburn reaffirmed and clarified her order on the case just last month. 

In the latest development in the legal battle between the United States Securities & Exchange Commission (SEC) and Ripple Labs, the blockchain firm has filed a motion to compel the government agency to turn over internal documents related to cryptocurrencies, including Bitcoin, Ethereum and XRP.

SEC refuses to produce documents for the third time

Ripple’s motion to compel the securities regulator to hand over documents has been a tug of war, as the SEC has been refusing to produce the records despite Judge Sarah Netburn’s reiteration last month.

In the ongoing SEC v. Ripple case, the cross-border remittance firm had landed a victory in early April when it won in a discovery hearing that would force the financial watchdog to hand over its internal documents on Bitcoin, Ether and XRP.

While Ripple seeks to find documents where XRP is mentioned by the securities regulator as a “virtual currency” similar to Bitcoin and Ethereum, the SEC has once again resisted. The official filing reads:

Despite that repeated instruction, the SEC persists in refusing to search an obvious repository for responsive evidence on external communications: the SEC’s FinHub electronic mailbox.

Ripple Labs stated that for the third time, the court should require the agency to produce the communications with third parties and should grant “any additional relief it deems appropriate in light of SEC’s repeated noncompliance.”

The defendant’s motion asks the court to order the regulator once again to search and produce all documents related to Bitcoin, Ether and XRP from the SEC’s FinHub electronic mailbox, as well as the agency’s trading policies related to digital assets and virtual currencies before the deadline of June 18, 2021. 

Ripple further argued that it seems as though the SEC is looking to stall the case in light of the financial watchdog’s most recent request to extend the fact and expert discovery deadlines by 60 days. The blockchain firm stated:

The SEC has repeatedly delayed its production while telling Judge Torres that the ordered discovery was “irrelevant and needless,” ECF No. 205 at 14, and asking the Court to extend the discovery deadlines based, inter alia, on the fact that Defendants “have raised a number of concerns regarding the SEC’s review and production of internal documents and communications responsive to Judge Netburn’s April 6, 2021 order.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu enters 96% bull run as whales continue accumulating SHIB

Ethereum whale bought $11.5 million worth of SHIB tokens on Tuesday. Shiba Inu token has reached 783,739 holders, large wallet investors accumulate SHIB tokens through the dip. SHIB was briefly the cryptocurrency with the largest turnover on exchanges Binance and Coinbase on Monday.

More Shiba Inu News

Three reasons why MATIC price will breakout to a new all-time high at $4.5

MATIC price breached a crucial resistance level that has prevented it from rallying four times over the past four months. The recent attempt seems to have an extra oomph behind it, hinting that this run-up could trigger a massive move.

More Polygon News

XLM price eyes 55% breakout if Stellar bulls can flip one crucial barrier

XLM price has been stuck trading under a crucial blockade for nearly five months. The situation is set to change soon, however, as Stellar coils up for an explosive breakout.

More Stellar Lumens News

Terra's Do Kwon files lawsuit against SEC while analysts turn bullish on LUNA

Do Kwon, Terraform Labs CEO, was served a subpoena by the SEC while appearing at Messari's Mainnet conference. According to Do Kwon and Terraform Labs' lawsuit against the SEC, the regulatory agency lacks jurisdiction over the plaintiffs. 

More Terra News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP