XRP is up 9% while Ripple has played some big hands in the battle against the SEC by providing them with hundreds of legal documents. So read more on our latest Ripple news today.
The price of XRP, the seventh largest cryptocurrency by market capitalization, rose 9% to $ 1.19 last day. The price hike follows some strong moves by Ripple over the past decade, before going against the Securities and Exchange Commission. XRP is up 9% as the battle continues. December 2020, Ripple had a bitter legal battle with the SEC over the SEC claims that Ripple made $ 1.38 billion from selling XRP as an unregistered security. Ripple denied these purchases were securities offers, but now Ripple has filed a letter to Judge Netburn appealing to the SEC for negligence in handling the case after Ripple made almost no response to the 30,000 filings the SEC had filed had been filed since the beginning of the case.
RFAs are “yes or no” questions aimed at moving the case faster by solving the problems in the case. The SEC described the RFAs as “abusive, unreasonable and suppressive” and even said they were overwhelmed by the number, claiming that it took over 100 hours to respond to just 254 RFAs. The SEC says it takes about 30 minutes per RFA to provide an adequate response, as the responses can be used against them in court. Ripple countered that the $ 1.38 billion demanded by the SEC came from contracts that the SEC did not review.
Ripple played another strong hand against the SEC, and the new debate centered on a 2018 speech by former director of the SEC’s corporate finance division, Bill Hinman. He said Ethereum was not a security and the SEC stated it was Hinman’s personal opinion, but the Ripple defense team said they saw a chain of emails sent to a third party on the SEC’s privileged protocol. suggesting that Hinman’s speech reflects the SEC’s policy. Judge Sarah Netburn has ruled in Ripple’s favor and will include the email chain in her assessment, but it is not yet known when the outcome will be decided.
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