The mud tossing between Ripple (XRP) and the Securities and Exchange Commission (SEC) continues. After Ripple recently gained access to certain SEC documents, the regulator now wants the judge to limit Ripple’s access. Namely, it would distract the lawsuit from the primary focus of the indictment.
Ripple is currently in a lawsuit with the US SEC. The company, its CEO and former CEO are accused by the SEC of illegal sale of securities with XRP. The lawsuit caused a huge blow to the XRP price at the end of last year after many crypto exchanges decided to remove XRP.
The judge approved a motion filed by Ripple in early April. This gave Ripple access to several documents in which the SEC allegedly called XRP a digital currency. And that is exactly what the matter is all about. Now, however, Ripple would “harass” the SEC after they started collecting the documents.
In a letter to the judge, the SEC asks the judge to prevent Ripple from accessing “internal SEC personnel communications that the court has already banned from production.” Furthermore, Ripple would ignore the restrictions of the order.
In another motion, the SEC states that Ripple was aware of the securities laws in the United States, but did nothing about it at the time:
“Ripple was aware of the factual notice that securities laws could apply and took no steps to obtain a ‘no-action’ [sort of judgment by the SEC to make sure Ripple is compliant] to clarify what it thought would be unclear, a path that was being pursued by other market participants at the time. ”
However, it is still unclear which way things will fall. Recently, attorney Jeremy Hogan published a document in which the SEC calls Ripple a “digital currency company” as early as 2016. Whether this is strong enough to win the case will ultimately have to be determined by the judge.