Ripple is attempting to obscure critical facts that are relevant to the lawsuit with SEC
Jorge Tenreiro, a senior trial attorney at the U.S. Securities and Exchange Commission, claims that Ripple sealing requests are “problematic” in a March 30 letter to Magistrate Judge Sarah Netburn.
SEC: Ripple request to keeps its documents under seal are concerning and problematic
He writes that Ripple is attempting to “obscure critical facts” that are relevant to the case:
“That Ripple wishes to continue obscuring critical facts relevant to this case from its investors remains troubling and highlights the need for the investor-protector disclosure requirements imposed by the registration provisions of the Securities Act of 1933.”
Last week, Ripple asked the judge to keep some of its documents under seal since they contain confidential and private information. However, the SEC argues that such requests are at odds with public access principles.
Ripple filed a motion to compel the SEC to produce documents relating to Bitcoin and Ethereum, stating that the economic substance of XRP is no different from that of the two largest cryptocurrencies that are outside of the regulator’s purview. SEC has obtained an internal email between Ripple and its investor, a sophisticated participant in the cryptocurrency space, which delves into the key distinctions between XRP and Bitcoin, thus supporting the SEC’s opposing letter to the motion to compel.
This email reflects a conversation between Ripple and the investor about one of the many fundamental differences between XRP and BTC – the very basis for the SEC’s opposition to the motion to compel.
XRP and Binance giants along with a smaller exchange transferred almost $72 million between each other
In the past 24 hours, Ripple and Binance have wired 127.3 million XRP tokens. This represents $71,858,922.
The Whale Alert team spreads the word that an astounding amount of XRP has been moved by key players on the cryptocurrency market, including Ripple. The SEC-battered company has wired 39.1 million XRP tokens to Binance. The largest crypto trader by volume then moved these funds further.
The same amount of XRP was shifted internally between Ripple wallets. Large sums of XRP sent from Ripple to Binance in order to support the coin’s liquidity. Binance also, from time to time, sends XRP back to Ripple.
You can see the XRP price here.
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