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Ripple V/S SEC Case Turns Positive! Ripple Won the First Legal Battle Against the SEC

Highlights

    In the most recent update on the hearing of the SEC vs Ripple case, a couple of interesting events amazed the XRP community

    As Ripple’s stands appear to be stronger, the XRP price is also expected to rally once the stand-off is settled

XRP climbed above $1 and hit a 3-year high on Tuesday amid a blast in cryptocurrencies. The rise in XRP comes even as Ripple is dealing with a lawsuit from the SEC claiming that it sold $1.3 billion worth of unregistered securities.

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Ripple Labs, along with its co-defendants, CEO Brad Garlinghouse and Executive Chairman Chris Larsen, filed a motion to compel on March 15 to force the SEC to disclose records related to the SEC’s correspondence regarding Bitcoin and Ethereum, as well as its internal communications about XRP.

Magistrate Judge Sarah Netburn has granted Ripple’s motion to compel and The SEC will have to hand over internal records concerning Bitcoin and Ethereum after the company secured a discovery decision today.

 As a result, the general public can soon be able to see beyond the curtain of the SEC, which has traditionally been tight-lipped about cryptocurrency regulation.

“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,” it wrote in the March 15 filing to US District Court Judge Sarah Netburn. “The SEC did, however, announce that sales of two similar digital assets — bitcoin and ether — were not securities offerings”

“I’m going to grant, in large part, the defendants’ motion”. Judge Netburn said during the hearing, as reported by Law360. She involved documents such as meeting minutes and internal memos as part of the order, but not internal staff emails.

On the flip side the SEC argued against the discovery motion, arguing that “the actions of the promoter are what need to be the focus here.

XRP traded up as much as 26% on Tuesday, hitting a high of $1.10. As of writing XRP price was trading at $1.02.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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