XRP price increases 22% during the day, paralleling the good news Ripple has been granted access to SEC documents on Bitcoin, ETH
While one might have thought that the U.S. Securities and Exchange Commission (SEC) would have crushed and its execs in its ongoing legal battle by now, Ripple appears to be fighting back hard. And the good news is that Ripple Labs has been given access to SEC documents to demonstrate the agency’s interpretation or opinion on the subject of crypto assets.
Ripple scores first legal win against SEC
Ripple has scored its first major win against the SEC following a decision by Judge Sarah Netburn to grant Ripple’s motion to compel the production of documents confirming that and are not securities.
On March 15, Ripple’s lawyers filed a motion asking Federal Judge Analisa Torres to mandate the SEC to produce other documents apart from the ones selected by the financial watchdog.
Ripple wrote in the March 15 filing to US District Court Judge Sarah Netburn as below:
“For almost a decade, the SEC watched as XRP grew and developed, all the while issuing no formal guidance that its sales may be illegal. The SEC did, however, announce that sales of two similar digital assets — bitcoin and ether — were not securities offerings.”
Ripple wants the Commission to produce documents that define Bitcoin and Ethereum as non-securities, asserting that the economic substance of XRP transactions is not different from that of the two other legacy digital assets. And then, The company today won a discovery ruling that will require the SEC to hand over internal documents about Bitcoin and Ethereum.
Judge Netburn said during the hearing, as reported by Law360:
“I’m going to grant, in large part, the defendants’ motion.”
She included documents such as meeting minutes and internal memos as part of the order, but not internal staff emails.
The SEC argued against the discovery motion, claiming that the actions of the promoter are what need to be the focus here. Although the SEC claims that the documents are not relevant to the ongoing case, it would now be forced to present them in court.
You can see the XRP price here.
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