October 28, 2021

Ripple wins access to SEC discussions on defining crypto assets as securities

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Ripple Labs has been granted access to U.S. Securities and Exchange Commission documents “expressing the agency’s interpretation or views” on the subject of crypto assets.

According to Law360, U.S. Magistrate Judge Sarah Netburn granted the defendants’ motion “in large part,” determining that SEC minutes or memos concerning crypto are likely discoverable. Netburn asserted staff-to-staff email communications do not need to be produced.

Netburn also allowed for the SEC and Ripple to raise disputes with the ruling.

In December, the SEC filed a lawsuit alleging Ripple Labs, its CEO Brad Garlinghouse, and chairman Christian Larsen, raised $1.38 billion through an unlicensed security offering in August 2013.

Ripple has challenged the SEC’s suit, claiming that XRP is akin to Bitcoin or Ethereum — both of which have been classified as commodities by the SEC, in addition to criticizing the eight years taken for the agency to file its complaint against Ripple.

Law360 reports that Garlinghouse’s counsel, Matthew Solomon, believes it may be “game over” for the SEC’s suit should they find evidence the regulator has deemed XRP akin to BTC or Ether, noting the SEC’sTitle: Ripple wins access to SEC discussions on defining crypto assets as securities
Sourced From: cointelegraph.com/news/ripple-wins-access-to-sec-discussions-on-defining-crypto-assets-as-securities
Published Date: Wed, 07 Apr 2021 01:34:34 +0100