528 Interactions, 4 today
According to court records, attorneys for Ripple and its CEO Brad Garlinghouse, as well as co-founder Chris Larsen, have requested Judge Analisa Torres to order the US SEC to produce documents pertaining to Bitcoin and Ethereum.
Both Bitcoin and Ether have been classified as non-security properties by the regulatory authority.
Ripple claimed in the filing that the “economic substance” of its native crypto asset XRP transactions is the same as that of two of the world’s largest cryptocurrencies.
The SEC stated in its response that records relating to Bitcoin and Ethereum were irrelevant to the situation.
The payment protocol firm, on the other hand, argued that the commision was “withholding potentially exculpatory evidence.” According to Ripple’s statements, the fact that the SEC informed crypto exchanges that XRP was not a defence is “clear.”
The filing read:
Based on information gleaned to date, it is clear that the SEC was told by sophisticated market participants that XRP was not a security and solicited feedback on that position, but not provide a contrary public statement until it filed its allegations in this case in December 2020.
Learning all there is to learn about these facts (whether through internal or external communications) is relevant to the defense and will be central to the Court’s understanding of several issues critical to the case.
As the events of the lawsuit unfold, the crypto world will have to wait until after summer to grasp the trajectory of XRP. At the time of publication, XRP was trading at $0.443.