- Ripple grants access to SEC documents defining crypto assets.
- US Magistrate Judge Sarah Netburn granted the defendants’ motion.
According to Law360, US Magistrate Judge Sarah Netburn granted the defendants’ motion in large part, determining that SEC minutes concerning crypto are likely discoverable. Netburn also asserted that there was no need to use staff-to-staff email communications.
Netburn allowed for the SEC and Ripple to raise disputes with the ruling as well.
In December, the SEC filed a lawsuit alleging Ripple Labs, its CEO Brad Garlinghouse, and chairman Christian Larsen. It accused them of raising $1.38 billion through an unlicensed security offering in August 2013.
Ripple then challenged the SEC’s suit, insisting that XRP is akin to Bitcoin or Ethereum. Both of which have been classified as commodities by the SEC. They also questioned the SEC for taking eight years to file its issue against Ripple.
Garlinghouse’s counsel, Matthew Solomon, believes things may be going downhill for the SEC. Should Ripple find evidence that the regulator has considered XRP akin to BTC or Ether previously, the case could backfire on them. The SEC’s administrative purview does not extend beyond securities.
Moreover, Ripple’s lawyers also believe that they can undermine the SEC’s claims. They aim to produce documentation showing contradictory statements regarding the regulator’s classification XRP.
On the other hand, Forbes Money & Markets columnist Tatiana Koffman says that there is a reasonable belief that Ripple will settle with the US SEC.
She also talked about how institutions and media publish news to affect market prices to suit their agenda. She talked during the sixth iteration of the Global Blockchain Congress in Dubai, UAE, hosted by Agora Group.