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The US Securities and Exchange Commission (SEC) and Ripple remain embroiled in a legal dispute. Fortunately, this appears to be slowly coming to an end, but the SEC continues to remain strong. With a new application, the politician wants to access Ripple's financial documents, but the crypto company believes this is unjustified.
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Ripple complains about SEC delay
Last week, the SEC asked the judge for more documents regarding Ripple's financial situation in 2022 and 2023. In July 2023, Judge Torres ruled that Ripple's token XRP would be a security when sold to institutional investors. The SEC therefore wants more insight into these sales, for which these financial documents are required.
Still, Ripple believes this makes no sense. On its own behalf, the legal team argues that the SEC is now essentially contradicting itself by allowing it to do this during the year discovery-Phase. This has already been completed and the SEC has so far considered these documents to be completely unnecessary, according to the American crypto company.
Ripple also believes that the judge should not be concerned about the policymaker's attempt to delay the ruling again. The verdict is due to be announced next April. Additionally, the SEC would have already used all of its questions to Ripple, so it cannot ask Ripple any more questions.
Ripple: SEC policy is bad for the crypto industry
The lawsuit has been ongoing since the end of 2020. Ripple's chief lawyer Stuart Alderoty assumes that the US judiciary will soon put a stop to the SEC's policy and thus curtail its power. According to Alderoty, the policy has a negative impact on the entire crypto industry.
Brad Garlinghouse, CEO of Ripple, also remains very dissatisfied with the SEC because of its alleged unwillingness to get involved. However, the introduction of more crypto ETFs would lead to more crypto ETF approvals.
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