Ripple prevented the SEC from accessing legal concerns over XRP and its status as it could bolster more legal arguments against the company so let’s read more in our latest ripple news today.
Ripple managed to prevent the SEC from gaining access to legal records but Ripple prevented the SEC from accessing the records of legal advice that the crypto payments company looked after or received about the XRP status as a security. The SEC asked Judge Netburn to order Ripple to produce records of legal advice whether its massive sales of XRP are compliant with the federal securities laws but the Judge said:
“Ripple asserts that the SEC’s requested communications are protected by the attorney-client privilege, which has not been waived.”
The SEC claimed that Ripple’s understanding of the legal status of XRP will support the ongoing legal battle as the agency issuing ripple for Selling $1.3 billion worth of XRP in ongoing unregistered securities offerings but Ripple denied all these complaints since the SEC lodged them back in December.
The partner at law firm Hogan and Hogan who has followed the case, Jeremy Hogan, tweeted that the decision today was very important because the Judge stated Ripple’s subjective beliefs are not relevant to the Fair Notice defense and it is blocking the road that the SEC wanted to use to fight the defense. However, judge Netburn said that her conclusion concerns this specific case and said:
“The Court takes no position about whether Ripple’s pleaded defense is cognizable or if it will prove meritorious.”
Judge DENIES the SEC’s motion to compel production of Ripple’s lawyer opinion letters. Very important because the Judge states Ripple’s subjective beliefs re XRP are NOT relevant to the Fair Notice defense, blocking the road the SEC wanted to use to fight the Defense. https://t.co/MHsx569BmO
— Jeremy Hogan (@attorneyjeremy1) May 30, 2021
Ripple asked Judge Netburn to order the SEC to disclose internal memos on crypto but the lawyers believed that it will be advantageous to learn if the SEC was prejudiced against XRP. Netburn granted the request in larger part.
As recently reported, Garlinghouse confirmed that Ripple will go public after the SEC lawsuit and said that the lawsuit will probably be settled. During another interview, Garlinghouse said that XRP is a zero inflationary token, unlike BTC and ETH. Speaking at the event, Ripple’s CEO said the company looked into options for how it could become public in 2020 but the SEC’s allegations that it had conducted an unregistered security offering stopped all plans.
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