2 - 4 minute read
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has been a topic of much discussion and speculation within the cryptocurrency community. The latest development in this ongoing saga is a Freedom of Information Act (FOIA) request filed by a member of the XRP community seeking disclosure of any communications between the SEC and JP Morgan regarding Ripple and/or XRP.
The FOIA request was filed back in August 2022 by Ashley Prosper, who believes that communications between the SEC and JP Morgan directly led to the SEC’s December 2020 lawsuit against Ripple Labs. The FOIA request is of great public interest, as it could shed light on how private companies influence the SEC and its staff.
However, the FOIA request continues to be delayed, with the SEC stating that a large portion of the records will require confidential treatment, which will add approximately 60 days to the review time. This delay has led to speculation that the documents may be protected under confidentiality, and the chances of success for the FOIA request are difficult to assess.
The delay has also led to speculation about whether JP Morgan influenced the SEC’s lawsuit against Ripple. While the FOIA request may shed some light on this issue, it is important to note that there is no concrete evidence to suggest that JP Morgan played a role in the SEC’s decision to sue Ripple.
Despite the ongoing legal battle, the XRP price has remained relatively stable, trading at $0.4957 at the time of writing. However, traders should be aware that trading carries a high risk, and they should seek the advice of a financial advisor before making any investment decisions.
The FOIA request filed by Ashley Prosper is an important development in the ongoing legal battle between Ripple Labs and the SEC. However, the delay in the release of the documents and the difficulty in assessing the chances of success for the FOIA request mean that traders should exercise caution when making investment decisions.