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An Update On The Ongoing XRP Lawsuit


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This is just getting petty…..

Believe it or not, regulatory financial lawsuits while heated, rarely reach this level of back and forth between the plaintiff and the defendant.

Then again, regulatory lawsuits rarely have both the regulatory agency and the defendant claiming wrongdoing on the part of the other.

According to the newest reports, The SEC now wants access to recordings from Ripple’s internal staff meetings, and at the same time Ripple wants to know the XRP dealings of SEC employees.

Ripple has argued that The SEC is biased in how it aims to classify XRP as a security, but not ETH or other cryptocurrencies.

Right now there seems to be no end in sight to the lawsuit, but here are the latest developments:

The SEC wants to see Ripple’s internal staff meeting recordings according to AMB Crypto:

In its most recent filing, the United States Securities and Exchange Commission [SEC] has expressed its intent to file a motion to compel Ripple to produce relevant video and audio-taped recordings of the meetings among current and former Ripple executives and key employees.

The SEC has accused Ripple of not informing the agency about the existence of the said recordings, stating,

“Despite the SEC’s request for relevant recordings in its very first document requests to Ripple in January 2021, Ripple never informed the SEC that Ripple routinely recorded staff meetings until a key former Ripple employee testified to that in her deposition earlier this month.”

Crypto Slate reports that Ripple wants to know the XRP dealings of SEC employees:

The ongoing SEC vs. Ripple lawsuit sees the defendants file a motion to compel the U.S securities regulator to produce documentation regarding its “trading preclearance decisions” for XRP, Bitcoin, and Ether. As well as documents regarding the XRP holdings of SEC employees.

“Defendants seek production of anonymized documents reflecting trading preclearance decisions with regard to XRP, bitcoin and ether, or alternatively, for that information to be produced in aggregate form.”

The letter confirmed that the defendants had previously sought this information on four other occasions but “without progress.”

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