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The Securities and Exchange Commission (SEC) of the United States is ready to release a vast volume of emails and internal papers pertaining to Bitcoin, Ethereum, and XRP. But it need more time.
The US Securities and Exchange Commission (SEC) wants a New York Court to give it two more months to disclose emails and internal documents on Bitcoin, Ethereum and XRP.
“Making careful, good-faith determinations of applicable privileges, as is required in these circumstances, is a sensitive, time-consuming endeavor,” the SEC wrote in a letter to the court on Friday.
Since December, the SEC has claimed that payments startup Ripple has generated more than $1.3 billion in continuous unregistered securities sales of its native currency, XRP. Ripple strongly disputes the charges.
Ripple requested Judge Sarah Netburn on March 15 to force the SEC to provide over its crypto correspondence. Ripple’s attorneys believe the SEC is biassed against cryptocurrency; proof of prejudice, according to the attorneys, might help Ripple win the lawsuit.
On April 6, Judge Netburn approved Ripple’s demands “in large part,” but denied its request for access to the SEC’s staff correspondence about XRP’s legal status.
On June 4, Ripple asked the court to order the SEC to give a deadline of June 18. Scraping through all the data takes time, the SEC responded in its June 11 filing. The agency called the June 18 deadline “one-sided.”
The SEC stated that it has acquired 25,000 emails and is still evaluating “tens of thousands” of internal documents. However, it stated that it needs to consult with previous employees in order to make sense of some of the old materials.
Ripple’s attorneys are requesting the material by June 18. It accused the SEC of purposely delaying document production “as a justification for extending the [discovery] schedule.”
“For almost a decade, the SEC watched as XRP grew and developed, all the while issuing no formal guidance that its sales may be illegal,” counsel from Ripple wrote in the March 15 filing to US District Court Judge Sarah Netburn.
“The SEC did, however, announce that sales of two similar digital assets—bitcoin and ether—were not securities offerings.” But the SEC has never disclosed its internal reasoning. We will soon find out.