Ripple Lawsuit: Documents Ripple Doesn’t Want You to See
Ripple doesn’t want all its information to be public knowledge. Ripple has requested that a few of its documents sent with America’s SEC letters be kept secret. The firm sent its request to Magistrate Judge Sarah Netburn. One of the firm’s representatives, Andrew Ceresney, said the filed information are “private and confidential.” Ceresney had previously worked for SEC’s enforcement division. The information being asked to be kept secret contains delicate subject matter that shouldn’t be public knowledge yet. Such topics include marketing, internal development, and proprietary impressions, analysis, and strategies. Some of the sensitive topics contained in these documents include private details about the development and distribution process of XRP, private correspondences among Ripple employees, the firm’s previous business strategy, fund-raising plans, and details of the pitch with a current investor before he became one. Ripple would still request for a redaction even if the court’s decision about these documents doesn’t favor them.
SEC and Ripple Disagree Over Bitcoin and Ethereum Being Security Entities
Recall that the FinTech crypto firm provided more than 30,000 pages of information during the SEC investigation. In this most recent letter, the FinTech crypto firm disagreed with the united states security and exchange commission in which the latter claimed that there is no relationship between the XRP case with Bitcoin and Ethereum documents. Ripple said that its currently reviewing 75,000 documents based on requests from the securities and exchange commission. However, the firm affirms that the independent agency of the united states is only willing to produce 150 documents. Not long ago, SEC has claimed that BTC and ETH-related documents have no relevance to the Ripple’s case citing other cases like Telegram and Kik as examples. But Ripple insists that the agency is part of the crypto market’s problem and is still searching for more proof that confirms that Bitcoin and Ethereum documents are related to its case.
Court Wants SEC to Prove That BTC and ETH Documents Are Non-Securities
In a related development, the court has arranged a date to hash out Ripple’s claims for SEC to provide Bitcoin and Ethereum-related documents. Leonidas Hadjiloizou, an XRP analyst provided the news via a tweet stating that the discussion will be heard on the 6th of April 2021.
Leonidas Hadjiloizou. Source: Twitter
30 days after SEC alleged that Ripple was selling illicit securities offerings, Ripple used the freedom of information law to file a request with the financial regulatory body. In their request, Ripple wants SEC to publicly reveal how it concluded that BTC and eth were not securities, while XRP is a security.
With no end in sight to the battle between Ripple and the financial regulatory body, only time will tell what kind of fate will befall Ripple and XRP (its digital currency). Despite the current lawsuit, XRP price attained its first 1-day peak at $0.57, and in the last week, it has surged by almost 4%. As of this writing, XRP trades a little below $0.50 and has risen by almost 1.5% in the last hour.
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