Lawyers from Ripple Labs filed a third motion to the U.S. Courts last June 4 compelling the Securities and Exchange Commission (SEC) to hand over the internal documents detailing the difference between Ripple (XRP) and cryptocurrencies Bitcoin (BTC) and Ether (ETH) which are considered commodities.
Ripple Labs asked the Court to order the SEC to search and produce documents about BTC, ETH and XRP from the SEC’s FinHub electronic mailbox. Moreover, Ripple requested for the SEC to produce the trading policies related to digital assets and virtual currencies not later than June 18, 2021.
However, SEC seeks to extend the deadline given by the court by 60 days as reported by news source Finance Feeds. Ripple argued that the SEC is stalling the case with their most recent request. In their filed motion, Ripple said that the only way to resolve this problem is by following through with a strict deadline.
This motion has been going back and forth between the involved parties. On both April 6 and May 6, United States Magistrate Judge Sarah Netburn of New York’s Southern District ordered the SEC to provide the documents but the SEC failed to do so.
According to a report by crypto site CoinDesk, the SEC refused to search for responsive evidence on external communications with third parties despite the repeated instruction from the courts.
Moreover, the judge can order monetary sanctions against the plaintiff if the SEC continues to remain uncooperative regarding the ordered documents.
The requested documents will serve as important evidence for the defendant, Ripple Inc., in the ongoing case between SEC and Ripple. Through these documents, Ripple’s argument of why the SEC considers BTC and ETH as commodities while XRP is referred to as securities can be settled.
The legal battle between Ripple and SEC began last December 2020 when the SEC filed a complaint against Ripple for allegedly raising over $1.3 billion through an unregistered digital assets securities offering.
Don’t miss out and stay updated on the latest cryptocurrency news and cryptocurrency updates at BTC Post! Find out more when you browse the site.
Bitcoin (BTC) $ 27,575.00 2.25%
Ethereum (ETH) $ 1,751.49 3.35%
Tether (USDT) $ 1.01 0.37%
BNB (BNB) $ 324.79 0.08%
USD Coin (USDC) $ 1.01 0.1%
XRP (XRP) $ 0.447250 3.56%
Cardano (ADA) $ 0.362188 0.81%
Dogecoin (DOGE) $ 0.074966 1.83%
Lido Staked Ether (STETH) $ 1,745.82 3.24%
Polygon (MATIC) $ 1.10 3.16%
Expand your knowledge and invest in the cryptocurrency industry.