Ripple has accused the SEC of unfair treatment because the US regulator does not want to admit or deny the facts presented by the company in the course of legal proceedings.
Late last year, the US Securities and Exchange Commission (SEC) sued Ripple, as well as its CEO Brad Garlinghouse and co-founder Chris Larsen, for conducting an unregistered ICO worth $1.3 billion. believes that the XRP cryptocurrency belongs to the category of securities, and their sale in 2013 violated American legislation. The grueling litigation between Ripple and the SEC continues to this day.
Last week, Ripple took issue with the SEC and filed a letter with U.S. Magistrate Judge Sarah Netburn alleging that the watchdog agency didn’t answer most of Ripple’s 30,000 requests for admission (RFAs) since the case began, according to the report. RFAs are “yes or no” questions that are intended to push lawsuits forward clearing anything murky.
The SEC pointed to the RFAs as being unreasonable due to the volume and said it took officials more than 100 hours to answer roughly 254 of them, according to the report.
At the center of the debate is a speech by SEC Director of the Division of Corporate Finance Bill Hinman. Ripple’s legal team has suggested that wording from the SEC’s privilege log that could be pertinent to the case, the report stated.
Netburn sided with Ripple Friday (Oct. 8), deciding to include the email chain in her review. The timing of a possible outcome is unclear, the report stated.
Think we missed something? Let us know in the comment section below.