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HomeNewsRipple: JP Morgan Wants to Push Ethereum, Is This the Reason Why...

Ripple: JP Morgan Wants to Push Ethereum, Is This the Reason Why the SEC is Going For XRP?

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  • An XRP community member filed a Freedom of Information Act (FOIA) request regarding communications between the SEC and JP Morgan involving Ripple Lab and XRP.
  • The SEC has delayed the release of these records, citing the need for a confidentiality consultation process.

Ashley Prosper, a member of the XRP community, filed a Freedom of Information Act (FOIA) request in early August 2022 requesting communications between the U.S. Securities and Exchange Commission (SEC) and banking giant JP Morgan regarding Ripple Lab and XRP.



Recently, Prosper shared an update on the request, stating that the response continues to be delayed. The request seeks the disclosure of any SEC communications with JP Morgan related to Ripple and/or XRP.

FOIA Request Filed to Understand JP Morgan’s Influence on Ripple’s Lawsuit

The current response letter states that the SEC has received the search results and is currently reviewing them. However, there are a “large” number of records that require confidential treatment, according to the agency’s email. This consultation process will add approximately 60 days to the review time.

Prosper filed the FOIA request because she believes that “communications between the SEC and JP Morgan directly” led to the December 2020 lawsuit against the Ripple Labs company. The request was prompted by an article on a blog called the “blue sky blog” that discussed CEO donations related to SEC enforcement.

The lawsuit harmed thousands of XRP holders to the tune of billions of dollars, according to Prosper. The SEC’s communications are of great public interest, according to Prosper, as Judge Sarah Netburn and Judge Analisa Torres also noted in a different context. That’s why Prosper is demanding the information be released without charge so the public can better understand how private companies influence the SEC and its staff.

Until recently, Prosper assumed that the release of documents related to JP Morgan, Ripple, and XRP could occur in late March. The documents appear to be protected under confidentiality because District Judge Analisa Torres has not yet issued a ruling.

Release of SEC Documents Delayed Under the Confidentiality Consultation Process

According to the latest response from the agency, a release appears to be 60 days away at the earliest. By that time, Judge Torres might have already issued a ruling – at least that is the assumption of some lawyers from the XRP community, such as John E. Deaton and James Filan. Both are expecting a ruling to come by the end of the month.

However, the chances of success of the FOIA request are difficult to assess. Another XRP community member wrote that there is a trend with the SEC. They won’t release anything they don’t want to until they get sued and the court forces them to.

This FOIA request is just one of many attempts to shed light on the SEC’s lawsuit against Ripple Labs and XRP. In August 2021, the government watchdog group Empower Oversight filed an extensive FOIA request for access to internal SEC documents and records involving Jay Clayton, William Hinman, and Marc Berger for “possible conflicts of interest” during their tenure.

Ripple Labs themselves filed a FOIA request at the very beginning of the litigation. The FOIA requests demonstrate the XRP community’s continued effort to uncover the truth behind the SEC’s actions against Ripple Labs and XRP.


At press time, the XRP price was trading at $0.4957, still consolidating after the stellar rally from late March. The ongoing lawsuit and regulatory uncertainty surrounding XRP continue to affect the price. Despite this, the XRP community remains active and determined to fight for their favorite cryptocurrency.

In summary, the XRP community member Ashley Prosper filed a FOIA request seeking disclosure of any SEC communications with JP Morgan about Ripple and/or XRP. The request continues to be delayed due to the need for confidential treatment of a large portion of the records.

Prosper filed the request because she believes that “communications between the SEC and JP Morgan directly” led to the December 2020 lawsuit against Ripple Labs. This FOIA request is just one of many attempts to shed light on the SEC’s lawsuit against Ripple Labs and XRP. The ongoing lawsuit and regulatory uncertainty surrounding XRP continue to affect the price.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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