XRP just got an edge in the ongoing Ripple v. SEC lawsuit

2021-4-8 20:30

Payments firm Ripple Labs (XRP) has won a ‘discovery’ from the US Securities and Exchange Commission (SEC), as per a report on legal news outlet Law360. It would now be allowed to view internal discussion about the ‘security’ status of cryptocurrencies like Bitcoin and Ethereum.

In January we asked "How does the SEC explain telling the public that BTC and ETH are not securities, then turning around and alleging the opposite is true for XRP?" https://t.co/8KVBuSi1i7

Perhaps we'll start to get some answers now.

— Stuart Alderoty (@s_alderoty) April 6, 2021

As of December 2020, the firm is currently battling allegations of selling its XRP tokens as unregistered security in the US and its founders benefiting massively in a personal capacity from their sales to the tune of $1.38 billion. 

Ripple has since remained mum on the matter. But things look positive for the company and XRP, which Ripple was the primary issuer of.

A win for XRP

Securities, for the uninitiated, are fungible and tradable financial instruments used to raise capital in public and private markets. These are issued in a highly regulated sector with stringent punishments for those found in violation of the laws.

The SEC had last year alleged that XRP tokens, which are used to transact on the Ripple network, were a security and hence liable to US laws. The regulator launched a lawsuit against the firm.

But as per the report, U.S. Magistrate Judge Sarah Netburn said the ‘high-stakes’ discovery win would allow Ripple to access and assess information about how Bitcoin and Ethereum are legally considered in the US. This would allow Ripple to build its defense.

Ripple identified 19 custodians (SEC past or present employees) that Ripple wants the SEC to search emails, etc

Ripple included @HesterPeirce Clayton, Elad Roisman, Berger, Bill Hinman, etc on that list.

The SEC objected to Clayton, Hinman, Elad, Hester etc.

Ripple won. https://t.co/BLGykf1ULs

— John E Deaton (@JohnEDeaton1) April 6, 2021

“I’m going to grant in large part the defendants’ motion,” Judge Netburn said, adding that each side could return to the courts with specific disputes.

The SEC would provide Ripple with minutes of meetings and memos “expressing the agency’s interpretation or views” on cryptocurrencies. However, staff-to-staff email communications will not be produced.

Bitcoin and Ethereum are not officially called securities in the US, but they continue to exist and operate in a legal gray area.

Game over?

Counsel Matthew Solomon, who represents Ripple co-founder Brad Garlinghouse, said in a statement that if they found information that suggested the SEC thought XRP was akin to Bitcoin or Ethereum, it could signal “game over” for the whole case.

“We need this discovery to defend ourselves,” Solomon said, explaining that the SEC is not liable to sanction or regulate products that are not deemed a ‘security.’

However, on the other hand, SEC counsel Dugan Bliss stated Ripple was trying to put the commission “on trial” as opposed to its own unlawful conduct. “The actions of the promoter are what need to be the focus here,” he noted.

But for now, the ball’s back in Ripple’s court.

Today was a good day.

— Brad Garlinghouse (@bgarlinghouse) April 6, 2021

The post XRP just got an edge in the ongoing Ripple v. SEC lawsuit appeared first on CryptoSlate.

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Ripple (XRP) на Currencies.ru

$ 1.1292 (-1.64%)
Объем 24H $6.779b
Изменеия 24h: 0.50 %, 7d: 55.69 %
Cегодня L: $1.0851 - H: $1.1536
Капитализация $64.287b Rank 6
Цена в час новости $ 0.9619 (17.39%)

sec xrp ripple lawsuit ongoing got edge

Источник: cryptoslate.com

sec xrp → Результатов: 126


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2024-10-11 09:19


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2023-8-10 14:22


SEC обжалует решение суда в пользу Ripple XRP

Комиссия по ценным бумагам и биржам США (SEC) подала апелляцию на решение суда, согласно которому токен XRP компании Ripple Labs не является ценной бумагой. SEC утверждает, что суд ошибся в своем толковании законов о ценных бумагах и применил неправильный критерий для определения статуса XRP.

2023-7-22 10:22


Фото:

Суд отклонил запрос Ripple на получение данных о транзакциях сотрудников SEC с использованием XRP

Суд Южного округа Нью-Йорка отклонил ходатайство Ripple о предоставлении информации, касающейся криптовалютных транзакций с использованием XRP, которые могли быть совершены сотрудниками SEC.

2021-9-22 10:59


Фото:

SEC жалуется на угрозы со стороны владельцев XRP

Комиссия по ценным бумагам и биржам США (SEC) подала в суд очередное ходатайство, чтобы предотвратить присоединение держателей токена XRP к ее разбирательству с финтех-компанией Ripple. По утверждению ведомства такие инвесторы не могут присоединиться к делу в качестве «друзей суда», так как они «слишком разобщены», а их интересы совпадают с интересами ответчиков.

2021-5-18 13:20


Держатели XRP угрожают SEC

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2021-5-18 11:38


SEC может возбудить производство в отношении инвесторов на вторичном рынке XRP

Комиссия по ценным бумагам и биржам США (SEC) намерена помешать присоединению инвесторов к ее разбирательству с финтех-компанией Ripple. Ранее SEC обвинила Ripple в продаже незарегистрированных ценных бумаг в форме токена XRP на $1,3 млрд, а инвесторы в суде добились разрешения присоединиться к делу для отстаивания своих интересов.

2021-5-4 14:04


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