The SEC filed its Letter Brief regarding the allegedly privileged documents it’s withholding from Ripple
One of the latest counterattacks by the Securities and Exchange Commission (SEC) in the Ripple case was updated by attorney James K. Filan as follows, and the agency filed its Letter Brief regarding the allegedly privileged documents it’s withholding from Ripple. The SEC claims that every single document that will be reviewed by Judge Netburn in-camera is privileged.
Source: James K. Filan
Ripple, Coinbase is always in the SEC’s close eye
In December 2020, the SEC issued legal action against Ripple on charges of selling $1.3 billion of unregistered securities. The regulator alleges sales of its XRP token were conducted illegally over eight years. At that time, massive uncertainty surrounded Ripple and XRP.
As AZCoin News reported, while the lawsuit between the SEC and Ripple has not yet come to an end, the SEC has served notice on Coinbase Global, Inc., a cryptocurrency exchange platform, of its intent to sue the company. Usually, a target keeps quiet when confronting a powerful regulatory agency, but Coinbase has loudly proclaimed that it will fight the SEC legally and in the public square.
The company has proposed a Coinbase Lend program that will pay interest to customers for lending their crypto holdings. The technical issue is whether this constitutes security. The real issue, and why the SEC is here to stay, is whether governments and central banks can control the cryptocurrency movement through rules and decrees that severely restrict cryptocurrencies’ uses.
Regulators fear that cryptos can become widespread alternatives to the traditional banking and financial system and, worse, in their minds, provide viable substitutes for government currencies.
Elsewhere, rumors are circulating that Coinbase will soon reinstate XRP trading on its platform. As AZCoin News reported, XRP was relisted on Coinbase Pro, with the XRP/USD, XRP/EUR, XRP/GBP, and XRP/BTC pairs available for trading. But this was soon cut short, with Coinbase saying this resulted from a “technical issue,” and XRP trading remains suspended.
As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.
— Coinbase Pro (@CoinbasePro) September 10, 2021
As well as that, one Reddit user noted that the Coinbase app states trading is not yet available. Whereas previously it said, “Coinbase does not support this asset. Admittedly, both instances fall in the category of weak evidence, especially as Coinbase has denied the rumors. But considering Coinbase’s recent run-in with the SEC, relisting XRP would serve as an appropriate response.
Given the scrutiny of the SEC, many thought that Ripple and Coinbase were finally in the same boat. When Ripple was caught in a lawsuit with the SEC, several of its partners dropped XRP, including MoneyGram and various exchanges like Bitstamp. But Coinbase’s decision to give up XRP is the hardest pill to swallow, as it is the largest US exchange.
And now, when both are in the sights of the SEC, many people think that the two should stand on the same front. Having had a taste of the unreasonable approach the SEC adopts, some say it’s only right that Coinbase reinstates XRP trading. Whether that happens or not is anyone’s guess.
XRP/USD 4-hour chart | Source: TradingView
At the time of writing, XRP is changing hands at $1,08, a slight increase of 2% in the last 24 hours.
- Ripple And Binance Have Moved An Astounding $85 Million Worth Of XRP Over The Past 20 Hours
- XRP Price Is Stuck Between The Moving Averages And External Factors Like A Lawsuit With SEC