Just-In: Ripple Hits Out Against SEC As Case Faces More Delays
Ripple on Wednesday filed a new letter against the in the Securities and Exchange Commission (SEC) in their ongoing lawsuit.
The letter chides the SEC for adopting a limited understanding of certain market terms mentioned under Ripple’s recent Request for Admission (RFA).
Ripple uncovers SEC’s rejection assertions
Ripple in the letter asserted that the SEC gave deficient responses to their request. Most of the questions raised in the RFA were refused to be answered. The commission’s disagreement over answering the request stands because they don’t understand the terms like a market participant, OIEA Request, or FinHub Request.
The SEC in the last filed opposition informed the court that they fairly respond to requested issues where it is required. The commission either admits or denies any proposed appeal after doing a required inquiry. While it mentioned that it earlier rejected to reply to different 16 requests made by the defendants back in September. 2021.
The defendant’s letter argues that the authority completely understands what is being asked to admit. Many people before December 22, 2020 asked OIEA and FinHub if the XRP was a security. The SEC has adopted a “hyper-technical” approach in this scenario. It added that anyone who reached out to the mentioned authorities for guidance over XRP is fairly considered a market participant.
Conference over Hinman’s speech faces delay
However, the letter brings up that Rule 36 requires the SEC to respond to their RFAs rather than dodging them. It further asked the court to grant them relief. Defendants hold no objection to the court alternatively ordering the agency to respond to the request made.
Meanwhile, the much awaited hearing in the long running case between SEC and Ripple got postponed at the last moment. The conference is organized to talk about the commission’s assertion over Hinman’s infamous speech. The documents related to the speech can prove to be a key in this deadlock. The authority has used all the tactics in order to delay the proceedings of the lawsuit.
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