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Sunday, April 18, 2021

Ripple Acquires SEC Discussion Access To Define Cryptocurrency Assets As Securities

The lawyers of Ripple will now delve through the internal discussion of SEC that will be discussing cryptocurrency status. The Securities & Exchange Commission of the United States of America has finally given access to their documents to Ripple Labs.

The access will allow Ripple to present their views and interpretation on a specific subject regarding crypto assets. Sarah Netburn is the Magistrate Judge in the US and she has granted the motion to the defendants. This will greatly determine that memos and minutes of the SEC related to crypto are possibly discoverable. This was reported by Law360.

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Netburn has also informed that the email communications to ‘staff to staff’ are not required to be presented. Netburn has further stated that both Ripple and SEC will be allowed to raise disputes in keeping with the ruling.

Access To SEC Documents To Ripple

In December, SEC had filed their lawsuit alleging Brad Garlinghouse, CEO, and Christian Larsen, chairman of Ripple Labs had raised a staggering $1.38 billion with the use of illegal security offering during 2013 August.

In retaliation, the firm challenged this lawsuit and claimed that their token, XRP is similar to Bitcoin and Ethereum. They also criticized that this lawsuit is filed falsely after 8 years of the concerned event.

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Law360 has stated that Matthew Solomon is the counsel of Brad Garlinghouse who considers this to be the end of the lawsuit filed by the SEC. Solomon thinks that once XRP is deemed aking to Bitcoin and Ethereum, then the regulatory purview of SEC will not be able to extend beyond the securities.

Dugan Bliss, the SEC counsel has criticized Ripple for further examining the internal deliberations instead of defending the accusations over their own illicit activities.

XRP has surged by almost 100% during April and is presently trading at $1.08.

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