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The Securities and Exchange Commission (SEC) has accused Ripple of “harassment” after its executives were granted access to internal documents from the regulatory body.
The documents allegedly contain information about three currencies —BTC, ETH, and XRP, where the SEC classifies the three of them as “digital currencies.” Now the SEC wants to limit access to these documents, claiming they are “irrelevant” to the case.
The SEC Asks the Judge To Block Ripple’s Access
On April 7, Ripple won the right to access the SEC’s internal records and communications. The court issued an order requesting the SEC to search thousands of external emails of 19 custodians for documents related to XRP, Bitcoin, and Ethereum.
The regulatory body complied with the order, although it denied the defendants’ requests to access certain records. The SEC then sent a letter to judge Sarah Netburn on April 21, asking to limit Ripple’s access to its records. The Commission seeks to prohibit the defendants from “obtaining internal SEC staff communications the court already excluded from production,” the letter reads.
“It has become evident through the meet-and-confer process that Defendants are seeking to ignore the limitations of this Court’s Order and to mire the SEC in indefinite discovery disputes and, if successful, document review.”
History Plays In
Attorney Jeremy Hogan revealed a public document where the SEC previously referred to Ripple as a “digital currency company” in 2016. The lawyer said the SEC agreed with FinCen, a bureau of the US Department of Treasury, that XRP was categorized as another crypto asset.
“Mellon is an experienced businessman who is the former Chairman of the New York Republican Party Finance Committee. He is a graduate of the University of Pennsylvania’s undergraduate Wharton School 2 of Business and currently serves as an advisor for a digital currency company called Ripple Labs, Inc,” —reads the document.
Ripple’s XRP went on a roller coaster ride after the SEC filed a lawsuit against the company back in December 2020. However, XRP surged 40% on April 10, shortly after the court prohibited the SEC from accessing the personal financial records of Ripple executives. It remains as the 5th coin as per market cap, currently trading at $1.10.