The U.S. court offers Ripple another opportunity to defend itself in its ongoing crypto litigation against privileged SEC documents related to the nature of XRP, ETH, and BTC.
SEC Refuses to Submit Document Related to the Nature of XRP
According to an announcement on December 6, a news media reported that Ripple offered a new opportunity to argue against the SEC documents of XRP, ETH, BTC. After the Judge told the regulator twice, it still has not yet submitted any documents.
However, the court made that decision based on the SEC’s allegations that its internal documents and the agency’s arguments regarding the nature of XRP, ETH and BTC, in this case, were protected by the Deliberative Procedural Privilege (DPP). This time the SEC and Ripple will review their arguments about DPP and present them in court.
According to the judge’s decision, both parties should submit a letter of a maximum of three pages at the same time before December 8, 2021, to supplement their arguments on the defendant’s mandatory application (EGF No. 289). SO ORDERED.
However, since the court order was issued, the SEC has been unable to produce documents as evidence based on the agency’s concerns that XRP, ETH, and BTC are privileged information. At the same time, Ripple has already responded to the SEC’s so-called Privileged Document Briefing.
On the other hand, the defendant’s briefing documents will expose the inconsistencies in the SEC’s decision. This shows that the SEC has not issued a fair disclosure regarding the position that XRP can be considered a security. If the SEC fails to provide tangible evidence to the court, this time could be a good chapter in the lawsuit for Ripple.
Canada’s Leading Crypto Exchange to Delist XRP Due to the Ongoing Regulatory Issues
Another cryptocurrency exchange delisted XRP following the regulatory and legal disputes over the token. Canadian cryptocurrency trading platform Newton announced the news in a community posting, indicating that it will be removing two tokens, XRP and USDT, from the list. In addition, Newton Exchange emphasized that the delisting process will take place in stages.
The first deadline is the suspension of XRP and USDT transfers, which will close on December 20th at 11:59 p.m. Eastern Time. After the first phase of delisting, users will not be able to send XRP or USDT to Newton. In addition, the second phase includes the suspension of XRP and USDT trading services, which will be implemented on December 31st. Finally, until January 15, traders will not be able to withdraw their XRP and USDT funds, thereby completing the delisting process.
“You need to ensure that any remaining XRP and USDT have been removed from your Newton account before the January 15th deadline. All remaining XRP and USDT and all subsequent reminders after this period will be sent to your Newton account deleted by Newton on your behalf, “meaning community sharing.”