The SEC made a statement from the judge regarding the Bitcoin and Ethereum documents requested by Ripple.
In a recent letter, Dugan Bliss, senior judicial adviser at the US Securities and Exchange Commission, asks Judge Sarah Netburn not to force the agency to produce documents on Bitcoin and Ethereum:
Since at least one district court in this Region has already been tried in indistinguishable circumstances in a digital asset case, such discovery is inappropriate and should be rejected.
The SEC writes that such a request is “disproportionate” and “exaggerated.”
SEC agrees to produce XRP-related documents
Ripple sent a letter of action to force submission of the aforementioned documents, stating that the SEC is hiding “potentially revealing evidence”.
The SEC explains that it truly agrees to disclose email communications about Ripple and XRP, with changes and documents from other cases that mention the token, even though they are not related to “any claim or defense.”
Ripple’s lawyers persistently try to convince the court that XRP is no different from Bitcoin and Ethereum, but the SEC argues that defendants’ own statements clearly show that these digital assets are different when it comes to securities laws.
The SEC also points out that both Telegram and Kik have tried to argue that their tokens should function as a currency, but their arguments have been rejected by the courts.
Courts enforcing this law reject allegations that a digital asset is not a security because it looks like Bitcoin or Ethereum, or is labeled as a currency.