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Tuesday, September 21, 2021

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SEC no further answers to Ripple interrogations

The US Securities and Exchange Commission (SEC) has asked the court not to force it to offer further answers to the Ripple containment interrogations. In a letter to Judge Sarah Netburn, the agency claimed that Ripple is trying to lure you into the trap of answering questions about the legal status of Bitcoin (BTC / USD) and Ethereum (ETH / USD). The regulator added that it has never filed an enforcement action against BTC or ETH.

In the letter, the SEC argued that Ripple waited until the end of the fact finding, which occurred more than seven weeks ago, to inform it that the responses it submitted were flawed. The agency added that it supplemented five of the responses on the matter after meeting and discussing with the defendants. Furthermore, the SEC claims that it asked Ripple to identify the specific information it needed.

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However, the defendants refused to specify what they needed and proceeded to file the motion demanding more information from the agency three hours before the discovery of the facts was closed. The SEC added that it believes it has responded substantially to the interrogations in question as provided by THE Federal Rules of Civil Procedure.

SEC claims its responses were complete

In explaining why it is not relevant to offer additional answers to Ripple’s containment interrogations, the SEC said:

Defendants ‘argument here boils down to a complaint that they do not like the responses they received to the interrogations in question, largely because the SEC’s and Defendants’ interpretation of applicable law differs. But the SEC is not required to respond to interrogations in a way that adopts the Defendants’ incorrect reading of the law.

The SEC went on to point out that the answers it offered were no more evasive or incomplete than the answers Ripple provided to its interrogations. As such, the agency asked the court to reject Ripple’s motion to force it to answer interrogations that identify its theory on how Howey’s test can be applied to all transactions made by Brad Garlinghouse and Chris Larsen over eight years.

This news comes as the Ripple and SEC case comes ever closer to completing a year with no clear end in sight. While the SEC filed the lawsuit against Ripple, it appears to have lost the edge. For example, Justice Netburn recently allowed the deposition of the former head of the SEC’s Division of Corporate Finance, William Hinman, who said that ETH is not a security despite having an unregistered initial coin offering (ICO) in 2014.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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