• Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies.
  • The regulatory agency recently denied the possession of these documents.
  • The judge further clarified and reaffirmed the order for the securities regulator to hand over discussions on Bitcoin, Ether and XRP.

Judge Sarah Netburn has restated that the Securities and Exchange Commission (SEC) must produce documents related to Bitcoin, Ether, and XRP amid the ongoing legal battle with Ripple Labs.

Critical documents must be searched and produced

The SEC’s ongoing legal case against the creators of the XRP cryptocurrency, Ripple Labs and its executives, alleges that the token was sold as a security. The blockchain firm failed to submit relevant documents to abide by the initial public offering process with the securities regulator, which allegedly violates securities laws.

The regulatory body lost several pretrial motions in the past few months, including Ripple’s victory in forcing the SEC to reveal documents related to Bitcoin, Ether and XRP. Despite Judge Netburn’s ruling to disclose critical records, she excluded the discovery of internal communications at the SEC. 

The SEC’s discussion on the top cryptocurrencies is critical to Ripple’s defense, as the regulator has previously clarified Bitcoin and Ethereum as not being securities. If XRP were also discussed along with the two largest cryptocurrencies by market capitalization, it would further make Ripple’s case.

The agency, however, recently responded by stating that it does not possess any material relating to the leading cryptocurrencies. 

Judge Netburn has now reaffirmed the order that the SEC must produce documents related to the three cryptocurrencies and hand them over. Subject to privilege assertion, the regulatory agency must produce communications with third parties, including external agencies and market participants. The official document read:

Intra-agency memoranda or formal position papers discussing Bitcoin, Ethereum and XRP must be searched for and produced subject to a privilege assertion. Examples of such documents include Division reports, final reports of internal working groups, or formal position papers submitted to the Commissioners.

Despite Ripple and its executives filing a motion to dismiss the case, the legal battle continues. The SEC even hired two senior trial lawyers from Chicago with 18 and 25 years of respective experience to assist with the case. Attorney Jeremy Hogan suggested that the agency is “calling in the reinforcements” and that Ripple will be “fighting back hard.”

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP