Is the Ripple lawsuit filed because JP Morgan wants to push Ethereum? This is going on behind the scenes

  • The FOIA request by an XRP community member hints that JPMorgan pushed the SEC to file a lawsuit against Ripple Labs and XRP.
  • The SEC has responded to the demand for access to the communications document between them and JPMorgan and might take 60 days more for disclosure.

Blockchain startup Ripple has been engaged in a long-going battle with the U.S. Securities and Exchange Commission (SEC). However, the latest details show that there’s a twist to the story, and banking giant JPMorgan has been part of this development, indirectly.

Last year in August 2022, a member of the XRP community filed a Freedom of Information Act (FOIA) requesting details of the communication between the US SEC and banking giant JP Morgan involving XRP and Ripple Labs.

Ashley Prosper, a member of the XRP community has sought disclosure of the communication between the SEC and JPMorgan regarding Ripple Labs. Although the request has faced multiple delays, the current response letter states that the SEC has recently received the search results and is also reviewing them.

The agency, however, noted that there are a “LARGE” number of records that require “confidential treatment”. The email to Ashley Prosper reads:

Based on our initial review of 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.

Role of JPMorgan in Influencing the SEC lawsuit against Ripple

Ashley Prosper said that he filed the FOIA request stating that it was actually the communication between JPMorgan and the SEC that led to a lawsuit against Ripple Labs back in December 2020. A blog dubbed the “blue sky blog” discussed the CEO donations related to SEC enforcement.

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Citing this blog back then, Prosper wrote: “A very compelling read. Q: So how much does Jamie Dimon and JPM ‘donate’ to the SEC? (My next FOIA)”. He further stated that the lawsuit has harmed thousands of XRP token holders.

As per Prosper, the SEC’s communications are of great public interest. Thus, the XRPArmy member is demanding that the information be released without charge for the public to better understand how private companies can influence the SEC and its staff.

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Proper had expected that the documents will be made public by the end of March 2023. But since District Judge Analisa Torres has not issued a ruling yet, with the documents are protected under confidentiality.

As per the response from the agency, the release of the documents shall be 60 days away at the earliest. However, it is certainly difficult to assess the changes in the success of the FOIA request.

Over the last year, the Ripple vs the SEC case has taken multiple court hearings, especially related to the release of a speech by former SEC chief Hinman in 2018.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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