Ripple vs SEC: Ripple Claims the SEC Put the case on Hold After Refusal to Release Bitcoin, Ether and XRP Documents

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Ripple vs SEC: Ripple Claims the SEC Put the case on Hold After Refusal to Release Bitcoin, Ether and XRP Documents
Ripple vs SEC: Ripple Claims the SEC Put the case on Hold After Refusal to Release Bitcoin, Ether and XRP Documents

In the recent evolution of the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the blockchain company filed a motion to require government agencies to release internal documents related to cryptocurrencies, including Bitcoin and Ethereum and XRP.

SEC Refused to Produce Documents for the Third Time

Ripple’s motion to require securities regulators to release documents is a tug-of-war because, despite Judge Sarah Netburn’s replay last month, the SEC has consistently refused to provide records.

In the ongoing SEC vs Ripple case, the cross-border remittance company won a victory in early April when it won an investigative hearing that would force financial regulators to release the relevant internal documents of Bitcoin, Ether and XRP.

Although Ripple tried to find a document that the securities regulator described XRP as a “virtual currency” similar to Bitcoin and Ethereum, the SEC again resisted. The official document is written as follows:

“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 this is the third time the court should ask the agency to communicate with third parties and “should grant any additional discharge deemed appropriate in light of the SEC’s repeated non-compliance”.

Defendants’ motion requires the court to re-order the regulator to search all documents related to Bitcoin, Ether, and XRP in the SEC’s FinHub email address, as well as the institution’s digital asset and virtual currency transaction policies before the deadline of June 18, 2021.

Ripple also argued that the SEC appears to be putting the case on hold in light of the latest request from financial regulators to extend the investigation period for fact and expert by 60 days. The blockchain company 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.“