Ripple Labs reportedly received a discovery award from the US Securities and Exchange Commission (SEC), the court ordered the commission to provide an internal memorandum related to the debate that XRP tokens are similar to bitcoin and ether or not, which is not currently classified as a security
Ripple Wins SEC Discovery And Reaches The Commission’s Internal Crypto Record
The Telephone Discovery Conference was held Tuesday for a lawsuit against Ripple Labs led by the SEC.Ripple Labs reported that it was “discovered” by the SEC.
US Judge Judge Sarah Netburn said, “I would allow most of the defendant’s move,” noting that it was a winning “high stakes” discovery, she then instructed the SEC to hold a discussion. Inside about whether XRP tokens are similar to cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), which are not currently regulated as securities.
The judge clarified that it was not necessary to establish email communication between team members. However, other notes such as SEC minutes and memos. “The interpretation or view of the agency” on cryptocurrencies is likely to be discovered.
The commission sued Ripple Labs CEO Brad Garlinghouse and co-founder Christian Larsen last December, claiming they sold $ 1.38 billion worth of XRP tokens without complying with federal securities laws. The case is still in the custody of U.S. District Judge Analisa Torres.
Ripple and its executives argue that one reason the SEC has not implemented XRP enforcement for eight years is that the commission is confused about whether XRP is like bitcoin and ether, which is not considered a security or the same. cryptocurrencies And other tokens which are classified as securities
Garlinghouse adviser Matthew Solomon said before Tuesday’s hearing that “we need these findings to protect ourselves.” Or ether could be “game over” for all cases.
What do you think about the verdict for Ripple and the SEC? Let us know in the comments section below.
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