SEC Still Reviewing its Communication With JPMorgan About Ripple and XRP

The SEC continues to withhold the documents related to JP Morgan, Ripple and XRP amid a Freedom of Information Act (FOIA) filing from Ashley Prosper, an XRP proponent, to have these documents disclosed.

It came to the notice of the XRP community that the SEC had been in touch with the top financial services company JP Morgan regarding Ripple and XRP. Accordingly, Prosper filed a FOIA request in August 2022, demanding the disclosure of any communications the United States Securities and Exchange Commission had with JP Morgan about Ripple and/or XRP.  

In a recent outcome, Prosper updated the XRP community with the latest developments regarding the FOIA request filed last year. Per an email response on the matter, the SEC has confirmed receipt of the search results but is still reviewing the records, citing  that a large portion of the records requires ‘confidential treatment.’ 

The SEC noted that the request to have access to the communications between its agency and JP Morgan about Ripple or XRP is moving forward through the normal process. However, the securities watchdog said this type of consultation may take more time to be reviewed. 

Part of SEC’s response read:

“Your request is moving forward through our normal process. We recently received the search results and we are now in the process of reviewing the records. Based on our initial review of the records, it appears that a large portion of the records will require that we engage in the CT Substantiation process, which involves records for which confidential treatment was requested at the time of their submission. 

Engaging in this type of consultation will add approximately 60 days to the review time. Can you please advise as to whether you are willing to exclude information for which CT was requested to speed the completion of the review of your request?”

The delay from the SEC to reveal what transpired between them and JP Morgan regarding Ripple has raised suspicions from the XRP community. Prosper believes the top financial institution may have instigated the SEC to attack the San Francisco-based crypto solutions company via the XRP lawsuit. 

Reacting to the matter, a top Ripple supporter Digital Asset Investor, which filed for an amicus brief in favor of Ripple remarked that the documents related to the SEC and JP Morgan may be bigger than the highly controversial Hinman Speech Documents. “These emails may be bigger than the Hinman Emails,” the tweet read. 

Recall that the SEC employed several tactics to delay the release of Hinman’s documents where the ex-SEC officer said BTC and ETH are not securities. It took Ripple 18 months and several court orders to have the securities agency release these documents.

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