Ripple on Wednesday filed a new letter against the in the Securities and Exchange Commission (SEC) in their ongoing lawsuit.
The letter chides the SEC for adopting a limited understanding of certain market terms mentioned under Ripple’s recent Request for Admission (RFA).
Ripple uncovers SEC’s rejection assertions
Ripple in the letter asserted that the SEC gave deficient responses to their request. Most of the questions raised in the RFA were refused to be answered. The commission’s disagreement over answering the request stands because they don’t understand the terms like a market participant, OIEA Request, or FinHub Request.
The SEC in the last filed opposition informed the court that they fairly respond to requested issues where it is required. The commission either admits or denies any proposed appeal after doing a required inquiry. While it mentioned that it earlier rejected to reply to different 16 requests made by the defendants back in September. 2021.
The defendant’s letter argues that the authority completely understands what is being asked to admit. Many people before December 22, 2020 asked OIEA and FinHub if the XRP was a security. The SEC has adopted a “hyper-technical” approach in this scenario. It added that anyone who reached out to the mentioned authorities for guidance over XRP is fairly considered a market participant.
