SEC’s Case Against Ripple Could Pull ETH And BTC Into The Mess

SEC’s case against Ripple could pull ETH and BTC into the mess while Ripple Labs is trying to force the SEC to submit more documents on the cryptocurrencies and trying to establish wrongful filing of legal action as we can see more in our latest Ripple news.

In the ongoing SEC’s case against Ripple, the agency refused to produce documentation on BTC and Ethereum and argued that the request is not relevant to the case. However, Ripple Labs filed a response letter with judge Sarah Netburn requesting the agency to submit the documentation requested. The SEC filed a lawsuit against Ripple back in December where it alleged the company and two executives had sold their XRP tokens that were unregistered securities.

Much of this happened in the three months since then and damaged XRP’s price and desertion by the key partners and exchanges as well.
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However, the case went on and the price of the coin recovered from its $0.18 low. As with the current situation, there are four main motions in the case with the first one being to compel the discovery of the documents that are related to CEO Brad Garlinghouse and Chris Larsen’s financial data. The second one is the motion to strike Ripple’s fair notice defense while the third one is to dismiss the lawsuit against them.

The response letter filing will bring more complexity to the case and the law firm that represents Ripple said that the documentation that the SEC has on BTC and ETH is important because they are comparable with XRP. In June 2018, ex-SEC director William Hinman gave a speech where he gave BTC and ETH the green light saying:

 “when I look at Bitcoin today, I do not see a central third party whose efforts are a key determining factor in the enterprise. The network on which Bitcoin functions is operational and appears to have been decentralized for some time, perhaps from inception.

And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”

Ripple’s legal team wants to know whether there was an equivalent move among the main digital assets and if so, why is XRP being singled out. Attorney Jeremy Hogan said that he will be quite shocked if the judge didn’t uphold the response letter.