Justice of the Peace Sarah Netburn granted Ripple’s petition for access to SEC documents disclosing the regulator’s “interpretation and views” of Bitcoin and Ethereum. It is reported by Law360.
The company will have access to minutes of meetings and office documents. E-mail correspondence between SEC employees is not subject to disclosure. The regulator can challenge the decision.
Ripple CEO Brad Garlinghouse expressed his satisfaction with this development.
Today was a good day.
– Brad Garlinghouse (@bgarlinghouse) April 6, 2021
Garlinghouse’s legal adviser Matthew Solomon believes that the judge’s decision could be the reason for the dismissal of the SEC’s claim. His words are quoted by Law360.
At the end of January 2021, Ripple filed a petition and asked for information on why the agency does not classify Ethereum as a securities. The document spoke about “China’s control” over bitcoin and the second largest cryptocurrency by capitalization.
According to the defendants’ intention, the release of such information should demonstrate the groundlessness of the SEC’s accusations.
The commission filed a lawsuit against Ripple in December 2020. The regulator accused the company, Garlinghouse and co-founder Chris Larsen of an unregistered sale of $ 1.3 billion in XRP.
Lawyer Jeremy Hogan noted that back in 2016, the SEC referred to Ripple Labs as “a company specializing in digital currencies.” [digital currency company]… In fact, the regulator then agreed with the interpretation of the Financial Crimes Network in relation to XRP.
“Now the SEC must explain to the court how” digital currency “turned into a” digital security “, – written by a lawyer.
(2/2) Apparently the SEC agreed with FinCen – at least back in 2016! The SEC must now explain to the Court how a “digital currency” transformed to a “digital security.” That explanation is part of the batch of documents the parties will be fighting over today.
PS. Happy Tuesday!
– Jeremy Hogan (@attorneyjeremy) April 6, 2021
Hogan previously said that an SEC lawyer confirmed in court that exchanges and other platforms do not violate the Commission’s guidelines when selling XRP.
In anticipation of listing on Coinbase and a positive outcome of the lawsuit with the SEC, the XRP token has risen in price by 71.8% over the past seven days. On March 6, the price exceeded the psychological mark of $ 1.
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