Ripple (XRP) asks court to impose deadline on the SEC to produce documents


In the Securities and Exchange Commission (SEC) vs. Ripple lawsuit, the San Francisco-based fintech firm has accused the securities regulator of willfully refusing to hand over documents related to BTC, ETH, and XRP.

This is despite Judge Netburn’s ruling on April 6 ordering the SEC to reveal communications regarding the above cryptocurrencies. The standstill is yet another example of how the SEC’s case against Ripple is unraveling.

How To Get Free Crypto  

Ripple accuses SEC of defying the court order

Commenting on the situation, former federal prosecutor James K. Filan said the SEC refuses to play ball with not one document produced since the ruling.

#XRPCommunity #SEC_NEWS v. #Ripple #XRP Ripple files motion to compel. SEC refuses to turn over internal BTC, ETH and XRP documents Judge Netburn twice told them to turn over. Not a single document has been produced. Judge Netburn will not be pleased,” Filan said.

In a letter to Judge Netburn, Ripple’s legal team requested the court set a deadline date for the SEC to produce the documentation, which was requested on April 6 and again on May 6.

Representing the defendants, Michael K. Kellogg said the SEC’s excuses, which consist of labeling the document discovery as “irrelevant and needless,” as well as requesting extensions due to internal delays, can only be resolved by fixing a strict deadline.

Coinbase Banner  

The SEC has repeatedly delayed its production, while telling Judge Torres that the ordered discovery was “irrelevant and needless.”

Why SEC document discovery matters

A critical component to Ripple’s defense against allegations it, along with two key executives, had sold $1.3 billion in unregistered securities is the fair notice argument.

Ripple believes that XRP, along with Bitcoin and Ether, is not ‘security,’ and the SEC had failed to provide fair notice otherwise. In view of a previous ruling, in which the regulators gave Bitcoin and Ethereum the green light, Ripple contends that similarities between the three led them to believe XRP is also not a security.

By analyzing the documents the SEC holds, Ripple hopes to establish equivalency between the cryptocurrencies, thus providing evidence to support their claims. But with delays in producing the documents, no such equivalency can be determined.

According to Finance Feeds, the Judge can bring monetary sanctions against the SEC, or dismiss the case altogether, if the plaintiff continues to be uncooperative on the document discovery matter. However, the article admits that dismissal is unlikely given that the case is deep within the discovery stage.

FreeBitcoin Banner  

Nonetheless, Ripple CEO Brad Garlinghouse has previously stated his willingness to go all the way in fighting this case to set a precedent for the rest of the industry.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Samuel Wan

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.