A fight to the death. The very day after its approval of spot Bitcoin ETFs, the Securities and Exchange Commission (SEC), Gary Gensler’s institution continued its anti-crypto crusade against Ripple and its XRP. The crazy regulator absolutely wants to publicly expose the finances of this crypto-company. A new court document recently filed once again demonstrates this insistence (harassment?).
A constant struggle between the SEC and the issuer of XRP
On January 11, 2024, while the 11 Spot Bitcoin ETFs (approved the day before) barely came to enter listing on their stock exchanges respective, the Securities and Exchange Commission was already starting again his war against the crypto-asset sector.
And once again, it’s society Ripple Labstransmitter of XRP, which was the target of the SEC’s new legal attack. The US regulator required various financial documents detailed information from Ripple.
The crypto company had since answered (January 19) by reporting to the judge Sarah Netburn that the discovery phase (discovery phase) of the procedure “ ended in August 2021 “, and that it was no longer time to ask to produce additional documents. More vulgar, but summarized, screw the SEC.
Gary Gensler insists: his institution wants to put Ripple under the microscope
You will have guessed it, this present article is due to “ the SEC’s response to Ripple’s response following the SEC attack “. A response filed this January 23, still before poor Judge Netburn of the Southern District Court of New York, who must be exasperated by this procedure which dragged (but really drags!) in length. The SEC has indeed begun its legal attack against Ripple in December 2020 (more than 3 years now!).
If the regulator is so keen to obtain all these financial details from Ripple, it is in particular to ask (and impose) a fine of sufficient size to be painful. In any case, this is one of the attacker’s arguments present in his last letter:
“The extent of the defendant’s financial situation is a factor to be taken into account in calculating the magnitude of the sanction necessary to deter misconduct. »
Excerpt from the SEC’s latest judicial letter to the Southern District Court of New York.
Like a rabid pit bull, the Securities Commission does not want don’t let go for a second Ripple and its XRP. To the point that the company no longer consider for a second doing an initial public offering (IPO) in the United States (but perhaps abroad). Seen the incredible harm that the SEC has been carrying since 3 long yearsRipple should consider taking an example from NEXOif ever – as in the latter case – justice had to dismiss the belligerent regulator.