SEC rejected a request to produce documents related to Bitcoin and Ethereum in the lawsuit against Ripple
As AZCoin News reported, the economic nature, Ripple native token – XRP – and BTC are the same. However, comparing them is of no value. And recently, the SEC confirmed that the request for submission of documents related to Bitcoin and Ethereum is disproportionate and overboard.
The SEC has asked the judge not to order the production of the Bitcoin and Ethereum documents demanded by Ripple
Ripple filed a pre-motion letter to force the production of the aforementioned documents, stating that XRP was withholding potentially exculpatory evidence.
The SEC explains that it actually agreed to reveal its e-mail communications about Ripple and XRP with exchanges and documents from other cases that mention the token even though they are not relevant to any claim or defense.
SEC stated:
“These XRP and Ripple-related documents—e-mail communications between the relevant senior personnel at the SEC and third parties, as well as third-party productions in other digital asset cases—are not relevant to any claim or defense, but the SEC agreed to provide them to reach compromise.”
However, this wasn’t enough to reach a compromise with Ripple, and the blockchain company then moved to file the above-mentioned pre-motion letter.
In a recently written letter, Dugan Bliss, a senior adjudicator at the US Securities and Exchange Commission, is asking Judge Sarah Netburn not to force the agency to present documents relating to Bitcoin and Ethereum.
The content of the letter stated:
“Such discovery is inappropriate and should be denied, as at least one district court in this District has already held in indistinguishable circumstances in a digital asset case.”
Although Ripple’s lawyers are trying to convince the court that XRP is no different from Bitcoin and Ether, the SEC argues that the defendants’ claims make it clear that these digital assets are different when it comes to speaking. to securities law.
In short, as the cases make clear, simply invoking comparisons to Bitcoin and Ether (or label a digital asset a currency) is not a cognizable defense. Discovery about Bitcoin and Ether can therefore have no bearing on the issues in this case or at least is not proportional to the needs of the case, as Judge Hellerstein recently held in an SEC digital asset case.
Furthermore, the SEC pointed out that both Telegram and Kik are trying to argue that their respective tokens are meant to function as a currency, but their argument has been dismissed by the court. Applying that law, the courts unanimously rejected the arguments that the digital asset is not a security because it resembles Bitcoin or Ether or is labeled a currency.
You can see the XRP price here.
Read more:
- Ripple: XRP Could Serve As A Bridge For Different Central Bank Digital Currencies
- XRP Army Launched Viral Campaign “Relist XRP” On Social Media To Make Top Exchanges Reconsider Token Delisting