Ripple has filed a motion to compel the U.S Securities and Exchange Commission (SEC) to produce internal documents relating to Bitcoin, Ethereum and the San Fransisco payments firm’s native token XRP.
A motion to compel is a formal request to a court to enforce a certain action on a third party involved with a case.
The payments giant wants the SEC to reveal documents relating to the three crypto assets and expose how the regulator came to the conclusion that BTC and ETH were currencies and why it alleges XRP is a security.
“The documents Defendants seek in this request are relevant because they show how the SEC itself has categorized and classified XRP and other digital assets, including Bitcoin and Ether, pursuant to its own policies. The SEC’s treatment of the trading in digital assets, including any distinctions it draws between XRP and other digital assets, is directly relevant to show the SEC’s own perspective on digital assets, which is relevant both to the applications of the Howey test and Ripple’s fair notice defense.”
In the motion, Ripple asks the court to force the SEC to produce documents from their electronic mailbox.
“In conclusion, we ask the Court to order the SEC to:
(1) search for and produce documents about Bitcoin, Ether, and XRP from the SEC’s FinHub electronic mailbox (FinTech@SEC.gov);
(2) produce the SEC’s trading policies related to digital assets and virtual currencies responsive to Request for Production Number 26; and
(3) complete its production of the two delinquent categories of documents described above no later than June 18, 2021.”
The SEC formally filed a complaint against Ripple in December of 2020, alleging that XRP was an unregistered security upon its launch and remains one today.
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