Tuesday, April 13, 2021

Ripple asks SEC to produce documents on Bitcoin and Ether as the legal battle continues.

The Takeaway:

Ripple has filed a new motion asking the SEC to produce documents related to bitcoin and ether as the company continues to hold its ground against the SEC's claims of XRP being classified as a security.

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Ripple Labs has filed a motion asking the United States Securities and Exchange Commission (SEC) to draw up Bitcoin and ether documents. The blockchain company claims that two assets are closely analogous to its own XRP. Lawyers representing CEO Brad Garlinghouse and co-founder Chris Larsen said that the SEC only produced documents selected by the regulatory body. The lawsuit claims that Ripple violated securities laws, something which the company has firmly denied.

 

This case could have an enormous impact on Ripple’s future. 

The latest development in the case against Ripple indicates that the company is firmly holding its ground. This case could have an enormous impact on the entity’s future should it go wrong. The document explicitly states that the SEC “refused to search and produce a single document concerning bitcoin and ether which are closely analogous to XRP.” It then goes on to compel the SEC to conduct a reasonable search for documents related to the disputed requests. 

 

Ripple settles its dispute with YouTube. 

Earlier, Ripple had blamed the video streaming giant YouTube for failing to disable cryptocurrency scam accounts. Scammers on YouTube impersonated Ripple CEO Garlinghouse to announce XRP give-aways in return for a small initial payment, a popular scheme used to defraud investors. Now the Ripple CEO Brad Garlinghouse has revealed that both firms have reached a settlement in a series of tweets. “Last year, Ripple and I sued YouTube for failing to enforce its own policies by allowing fake accounts (impersonating my/Ripple’s verified accounts) to conduct XRP giveaway scams.” “We’ve now come to a resolution to work together to prevent, detect and take down these scams,” Garlinghouse tweeted. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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