The SEC accuses Ripple of “Harassment” because they are trying to access internal records.
Last April 9, a judge granted the Ripple executives access to different internal records from the Securities and Exchange Commission (SEC). The records are containing information about XRP, Bitcoin and Ethereum, where the SEC classifies the three assets as “cryptocurrencies.”
And now the SEC accuses Ripple of “harassment,” for gaining access to the documents, claiming the defendants are not seeking relative evidence but to “derail the case’s focus away from its merits.”
The SEC asks the Judge to block access to the Documents
The SEC sent a letter to Judge Sarah Netburn last April 21, requesting limited access to the records. Lawyer Jeremy Hogan found a document where the SEC refers to XRP as a “digital currency” in 2016.
The court order demands the SEC to search between numerous external emails of around 19 custodians for documents related to XRP, BTC, and ETH. But the SEC claims:
“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.”
MIT professor and crypto advocate, Gary Gensler, was proclaimed as the new SEC Chairman. Many in the XRP community predict that Gensler can withdraw the lawsuit, which will give XRP a dramatic boost in price.
Last April 19, the XRP community filed a motion to intervene in the case. The file, which contains a Memorandum of Law, emphasizes that a lot of US government agencies recognize XRP as a currency, and developers, businesses, and holders had to stop their work because of the delisting of the currency across the exchanges, making the price decrease even further.
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