In a trial over the securities issue of the cryptocurrency Ripple (XRP), Ripple has asked the SEC to disclose evidence regarding the claim that XRP is a security. The application against Judge Sarah Netburn (June 4) has been confirmed. Coinpost reported this on the 5th.
As the SEC claimed that XRP is an unregistered security unlike Bitcoin (BTC) or Ethereum (ETH), which are commodities, Ripple asked four times in April to submit documents to support the claim. applied to the judge. The judge allowed the procedure for the discovery of evidence on ‘information between BTC, ETH and XRP by the SEC’, but the SEC refused to submit such documents because they did not exist.
And in May, Judge Netburn also requested the disclosure of evidence in response to the SEC’s assertion, but the SEC rejected the submission of documents again, arguing that “disclosure of evidence has nothing to do with this case.”
In this document, Ripple has met with the SEC several times, including the session on June 1, but still has not reached the disclosure of evidence, and explained to the judge that the SEC needs to follow the procedure for disclosure.
Most recently, on May 30, Judge Netburn rejected the SEC’s request for records of legal advice that Ripple had been receiving since around 2012 on whether XRP is a security or not. In addition, on June 2, Ripple CEO Brad Garlinghouse and co-founder Chris Larsen’s representative lawyer requested the cooperation of 15 overseas exchanges, including iFinex, OKEx, and Bithumb, to submit documents to prove that the SEC’s claim to violate the securities law was wrong filed an application with the court.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.