The pressure from the SEC to regulate and take hold of the cryptocurrency market is increasing. Under this context, a journalist has suggested that SEC should be coerced by the cryptocurrency stakeholders to produce the court-ordered documents in the case of the Ripple lawsuit.

Rosalyn Layton is a journalist working with Forbes who filed a petition in the court with District Judge Analisa Torres. The motion reopened the petition to order SEC to present the Hinman files in court once again.

Thus far, SEC has tried to deflect out of its legal obligation under court orders to present the detailed records of emails and speech issued by former SEC officer William Hinman.

Layton has declared in her motion that she does not have any financial stake in XRP. The motion invokes the first amendment right of US citizens and Federal common law to coerce the financial regulator to produce the required documents in a court of law.

Hinman is said to make a public declaration in 2018 where he professed that Bitcoin and Ethereum were not securities. The motion filed by Layton also included that the public is strongly invested in the Ripple and SEC lawsuit and entitled to the full disclosure and public release of the much-anticipated documents.

SEC Launches Coinbase Investigation

Coinbase CLO Paul Grewal has recently issued a public statement regarding the tightening circle of regulations around the enterprise. He claimed that Congress limited the jurisdiction of the SEC to only securities. He further exclaimed that many cryptocurrencies are security tokens.

However, he maintained that SEC is not going to find any security tokens listed or associated with Coinbase.

He also disclosed that Coinbase declined the offer made by SEC to register as a National Securities Exchange, claiming that the proposition does not fit within its policy of Coinbase.

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