SEC Tries to Limit Ripple’s Access, Accusing the Company of ‘Harassment’

The Securities and Exchange Commission (SEC) has accused Ripple of “harassment” after its executives were granted access to internal documents from the regulatory body.

The documents allegedly contain information about three currencies —BTC, ETH, and XRP, where the SEC classifies the three of them as “digital currencies.” Now the SEC wants to limit access to these documents, claiming they are “irrelevant” to the case.

The SEC Asks the Judge To Block Ripple’s Access

On April 7, Ripple won the right to access the SEC’s internal records and communications. The court issued an order requesting the SEC to search thousands of external emails of 19 custodians for documents related to XRP, Bitcoin, and Ethereum. 

The regulatory body complied with the order, although it denied the defendants’ requests to access certain records. The SEC then sent a letter to judge Sarah Netburn on April 21, asking to limit Ripple’s access to its records. The Commission seeks to prohibit the defendants from “obtaining internal SEC staff communications the court already excluded from production,” the letter reads.

“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.” 

History Plays In

Attorney Jeremy Hogan revealed a public document where the SEC previously referred to Ripple as a “digital currency company” in 2016. The lawyer said the SEC agreed with FinCen, a bureau of the US Department of Treasury, that XRP was categorized as another crypto asset.


ADVERTISEMENT

“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,” —reads the document.

Ripple’s XRP went on a roller coaster ride after the SEC filed a lawsuit against the company back in December 2020. However, XRP surged 40% on April 10, shortly after the court prohibited the SEC from accessing the personal financial records of Ripple executives. It remains as the 5th coin as per market cap, currently trading at $1.10.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/sec-tries-to-limit-ripples-access-accusing-the-company-of-harassment/

More from Republished By Plato

bitcoin
Bitcoin (BTC) $ 58,834.07 1.39%
ethereum
Ethereum (ETH) $ 4,140.10 4.65%
binance-coin
Binance Coin (BNB) $ 682.59 5.68%
dogecoin
Dogecoin (DOGE) $ 0.545897 2.19%
cardano
Cardano (ADA) $ 1.79 4.94%
xrp
XRP (XRP) $ 1.61 6.47%
tether
Tether (USDT) $ 0.999941 0.01%
polkadot-new
Polkadot (DOT) $ 41.41 6.05%
bitcoin-cash
Bitcoin Cash (BCH) $ 1,512.80 11.23%
litecoin
Litecoin (LTC) $ 401.77 15.64%
chainlink
Chainlink (LINK) $ 52.13 9.45%
uniswap
Uniswap (UNI) $ 40.73 3.43%
stellar
Stellar (XLM) $ 0.727259 21.13%
vechain
VeChain (VET) $ 0.230916 5.71%
ethereum-classic
Ethereum Classic (ETC) $ 126.20 4.88%
usd-coin
USD Coin (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 45.56 1.59%
theta
THETA (THETA) $ 11.98 1.21%
tron
TRON (TRX) $ 0.146941 4.98%
filecoin
Filecoin (FIL) $ 147.25 2.26%
eos
EOS (EOS) $ 10.74 6.98%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 59,253.93 1.60%
monero
Monero (XMR) $ 481.94 4.25%
neo
Neo (NEO) $ 121.07 4.87%
binance-usd
Binance USD (BUSD) $ 0.999810 0.01%
bitcoin-sv
Bitcoin SV (BSV) $ 372.67 3.80%
terra-luna
Terra (LUNA) $ 17.54 4.53%
pancakeswap
PancakeSwap (CAKE) $ 39.87 7.63%
iota
IOTA (MIOTA) $ 2.28 8.69%
cosmos
Cosmos (ATOM) $ 28.88 3.78%
aave
Aave (AAVE) $ 481.52 4.98%
ftx-token
FTX Token (FTT) $ 63.00 3.34%
shiba-inu
SHIBA INU (SHIB) $ 0.000015 6.24%
tezos
Tezos (XTZ) $ 7.12 5.44%
huobi-token
Huobi Token (HT) $ 29.94 16.13%
maker
Maker (MKR) $ 5,405.18 0.40%
avalanche
Avalanche (AVAX) $ 41.27 12.70%
klaytn
Klaytn (KLAY) $ 2.17 1.12%
polygon
Polygon (MATIC) $ 0.941630 0.91%
bittorrent
BitTorrent (BTT) $ 0.007317 2.01%
multi-collateral-dai
Dai (DAI) $ 1.00 0.04%
algorand
Algorand (ALGO) $ 1.54 3.63%
crypto-com-coin
Crypto.com Coin (CRO) $ 0.183682 6.25%
thorchain
THORChain (RUNE) $ 18.16 0.77%
dash
Dash (DASH) $ 422.31 9.21%
compound
Compound (COMP) $ 806.37 6.00%
kusama
Kusama (KSM) $ 452.41 1.77%
zcash
Zcash (ZEC) $ 310.82 3.28%
nem
NEM (XEM) $ 0.385025 4.89%
waves
Waves (WAVES) $ 32.58 7.56%