In a letter to Judge Sarah Netburn, Ripple’s lawyers write that the documents on Bitcoin and Ethereum are indeed relevant to the case, against the arguments of the US Securities and Exchange Commission.
During the investigation, the blockchain company produced 303,000 pages of documents and is currently reviewing 75,000 more documents requested by the SEC.
However, the agency agreed to provide only 153 documents requested by Ripple.
Since the burden of defendants to comply with their claims is a critical issue in a case of this importance, it is not unusual, especially when compared to discovery requests made by the SEC.
Ripple says the documents are about the “fair report” defense
The SEC argued that the Bitcoin and Ethereum documents were irrelevant to the litigation process and pointed to court rulings in previous high-profile cases such as Telegram and Kik.
However, Ripple insists the judge cannot acknowledge that the SEC “is” and is looking for evidence that the agency contributed to the “widespread market confusion” regarding XRP.
Instead, defendants are looking for documents that reflect how XRP is viewed in the market, either directly or using internal communications as a proxy. The SEC cannot deny that the agency is the focal point for requests for regulatory guidance on whether XRP is a security.
The company’s lawyers allegedly failed to agree on the securities status of the token in October 2020, just two months before filing, when the SEC told a retail XRP investor that there was no determination.
The SEC stated in its previous legal letter that it had no obligation to alert market participants about the legal status of XRP during a non-public investigation.