Home - News - Update on the Ripple vs. SEC Case


June 8, 2022

Update on the Ripple vs. SEC Case

A fresh letter from Ripple to the Securities and Exchange Commission (SEC) was submitted on Wednesday. There’s a criticism in the letter that Ripple’s latest Admission Request for Admission used a limited knowledge of some market concepts (RFA).

In the letter, Ripple claimed that the SEC’s response to their request was inadequate. The vast majority of the RFA’s queries went unanswered. Because they don’t comprehend terminology like “market participant,” “OIEA Request,” or “FinHub Request,” the commission is unable to respond to the request.

The SEC notified the court in the most recent opposition that they react fairly to sought problems as necessary. After doing the necessary investigation, the commission either accepts or rejects any submitted appeal. While mentioning that it previously declined to respond to 16 requests filed by the defendants in September 2021. 2021. 2021.

That authority is well aware of what they are being required to confess, according to the defendant’s letter Before December 22, 2020, several individuals inquired with OIEA and FinHub about whether or not XRP was a kind of investment. In this case, the SEC has taken a “hyper-technical” approach. Additionally, anybody who contacted the authorities listed above for help with XRP should be regarded an active player in the XRP market.

Rule 36 compels the SEC to reply to its RFAs rather than evade them, as the letter points out. Moreover, it requested that the court offer them some kind of redress. There is no opposition from the defendants to the court’s alternative order for a response from an agency to the request.

Also Read:  Jed McCaleb's Ripple stash may run out this year

As a result, the long-awaited hearing between the SEC and Ripple has been put off until a later date. For the purpose of discussing the commission’s assertions on Hinman’s notorious remarks, the conference has been set up. This stalemate might be solved with the help of the speech’s accompanying papers. Efforts have been made by the authorities to stall the litigation.