Ripple Scores Yet Another Win Against the SEC

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10X Growth in XRP Prices Imminent now

With another judgment in its favor, Ripple is now very close to securing a win in the SEC vs Ripple case. Is it time to hoard on XRP and wait for the good news already?

In a recent hearing in the SEC vs Ripple lawsuit, the United States Securities Exchange Commission faced another setback. Since the last two hearings, the SEC has been trying to get their hands on legal advice received by Ripple, whereas Ripple has been arguing why the SEC shouldn’t be allowed to access them. To the SEC’s disappointment, the court denied the SEC access to the legal advice Ripple received from its lawyers.

What was the Judgement?

The judgment was delivered by Magistrate Judge Sarah Netburn of the District Court for the Southern District of New York. She rejected the SEC’s motion demanding Ripple to share all the documents about discussing XRP sales with its lawyers.

The SEC wanted to get their hands on the legal memo between Ripple and the SEC as it believed that Ripple must have been warned by its lawyers that XRP could be a security under Federal Securities Law. They planned to use these legal memos to turn the tables against Ripple. The SEC would have used these legal memos to counter the claims of Ripple not receiving a fair notice from the SEC.

What did Judge Netburn say?

Judge Netburn said that in the hearing that though Ripple can waive its attorney-client privilege, Ripple did not do so. Here attorney-client privilege means to “encourage full and frank communication between attorneys and their clients and thereby promote broader public interests in the observance of law and administration of justice.” 

The rule of fair notice was at the center of the recent ruling on the SEC vs Ripple case. Defending Ripple, their lawyers argued in the hearing that the SEC failed in their duty by not providing fair notice to Ripple if they considered XRP to be a security. Commenting about the eight-year delay in the SEC filing a case against Ripple for alleged securities violation, Judge Netburn said:

“In support, it cites to the SEC’s eight-year delay in pursuing enforcement action against Ripple for its alleged securities violations — even after XRP was listed on over 200 cryptocurrency exchanges, billions of dollars of XRP sales transactions had taken place, and Ripple had entered a settlement with the U.S. Department of Justice and FinCEN that described XRP as a ‘convertible virtual currency.”

Why Is This Win Another Feather in Ripple’s Cap?

The recent hearing is another win in the SEC vs Ripple lawsuit that has been going on since December 2020. The lawsuit targeted CEO Brad Garlinghouse and Executive President Chris Larsen of Ripple Labs. The SEC claimed that both of them are responsible for selling unregistered securities worth $1.3 billion. So far, Ripple has secured wins in the majority of hearings. 

One of the most crucial wins that Ripple secured against the SEC was when they were allowed to access all the internal SEC documents about Ethereum and Bitcoin. Another crucial win was when the court denied the SEC from disclosing the personal financial details of Brad Garlinghouse and Chris Larsen.

Ripple IPO

Once Ripple cleans the mess they are in, they will go for an IPO anytime. Brad Garlinghouse made it clear that the IPO option is on the table, and they may go Public once the SEC case against Ripple is solved.

With multiple victories in its kitty, Ripple is on the way to give the story of David vs Goliath a crypto twist. The Hashant team will keep tabs on the story unfolding to keep our readers updated. Until then, keep reading our stories and keep supporting us.

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