The Ripple vs SEC lawsuit has taken multiple turns to date. While the Securities and Exchange Commission [SEC] of the United States stuck to its assessment of categorizing XRP as a security, Ripple tried to persuade the financial watchdog to view XRP as mere a cryptocurrency. After multiple attempts of a settlement, none of the parties agreed to do so, further persisting the lawsuit.
More recently, the Ripple was subject to some good news after the U.S. Magistrate Judge Sarah Netburn decided to grant the platform access to SEC’s documents that played a role in assessing XRP as a security. This seemed highly beneficial for the platform as XRP has been enduring nothing but losses. Despite, its plunge towards $1, the asset once again dropped by over 17% in the last 24-hours.
Ripple vs SEC
While Judge Netburn exempted staff-to-staff email from this latest motion, the SEC was ordered to give Ripple access to all other documents that mentioned XRP. The Judge also provided both parties the option to raise issues with the ruling. As per Law360, the Judge added,
“I’m going to grant, in large part, the defendants’ motion.”
Several regulators across the globe have been assertive about how XRP was not a security. However, the SEC continued to retain its decision. With the latest development in favor of the crypto platform, Brad Garlinghouse’s counsel, Matthew Solomon suggested that the SEC’s allegation would not stand if Ripple garners any piece of evidence that suggests XRP was similar to assets like Bitcoin [BTC] or Ethereum [ETH].
In a recent filling addressed to Judge Netburn, the SEC stated,
“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.”