SEC Ordered to Provide Ripple With Documents on Bitcoin, Ethereum and XRP

Ripple has accused the U.S. Securities and Exchange Commission (SEC) of being unwilling to share documents related to Ethereum, Bitcoin and XRP. This move was motivated by the commission’s statements which categorized ether and bitcoin as commodities while stating that XRPs were securities.

On May 9th, the court upheld its orders for the SEC to provide the documents with the exception of staff emails. The SEC’s response to this was that they needed more time before they could respond to the motion.

Tension has been rising steadily between Ripple and the commission. In December, Ripple was accused by the SEC of failing to offer sufficient information regarding the sale of XRP to investors and enriching themselves. This accusation would render some of their dealings dating as far back as 2013, illegal.

The SEC, which is tasked with regulating cryptocurrency trade and exchange in the country, has been accused on numerous occasions of failing at its job. In February, the commission stated that there was a need for clearer regulations and clarity regarding cryptocurrencies.

In April, the Wall Street Journal board levelled accusations against the commission, claiming that they were harming investors and would negatively impact the interests of consumers. Ripple has also been supported by Forbes, stating that the commission had unfounded arguments.

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