Ripple And SEC Sue Each Other On The American Stock Exchange

JAKARTA – The conflict between the SEC and Ripple is still ongoing. Recently, Ripple Labs CEO Brad Garlinghouse and Chris Larsen filed a lawsuit with the United States Securities and Exchange Commission (SEC).

According to the CoinDesk report, Ripple requested documents containing SEC communications with third parties regarding Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Ripple wants to dismantle the SEC's reasoning for labeling Bitcoin and Ethereum as commodities rather than securities as Ripple does.

At the end of 2020, the SEC accused Ripple of making more than $1.3 billion in profits through offering digital asset securities that were not registered with the SEC.

"We accuse Ripple, Larsen, and Garlinghouse of not registering their ongoing offerings and sales of billions of XRP to retail investors, depriving potential buyers of adequate disclosures about XRP...", said SEC's Stephanie Avakian, director of the SEC's Division of Enforcement last December.

Previously, on April 6 and May 6, judge Sarah Netburn ordered the SEC to provide these documents. But the SEC rejected it on the grounds of relevance.

To date, both parties, Ripple and the SEC have met 5 times to resolve related issues. The last meeting took place on June 1, 2021.

Ripple Labs CEO Garlinghouse revealed that the case had an impact on US attitudes towards cryptocurrencies. These problems have prevented Ripple from realizing its desire to go public.

When this news was written at 14:34 WIB, the price of XRP was at the level of IDR 13,693. Now Ripple is under Dogecoin by occupying the seventh position by market capitalization. Stay tuned for the latest crypto news from VOI.id.