Ripple blocks SEC from accessing its legal records on XRP
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Answer Ripple blocks SEC from accessing its legal records on XRP
The legal struggle between the US Securities and Exchange Commission (SEC) and Ripple is ongoing, which was initiated by the SEC at the end of last year 2020, accusing Ripple and its executives in its lawsuit of illegally selling XRP on the grounds that XRP is a security paper and not a cryptocurrency like Bitcoin or Ethereum.
Ripple blocks the way for the SEC:
In a new issue update.
Ripple has stopped the US Securities and Exchange Commission (SEC) from accessing records of legal advice that Ripple has sought or received about XRP’s status as collateral.
On May 7, Requested The SEC has ordered Judge Sarah Netburn to order Ripple to release records of legal advice on whether its massive XRP sales are compliant with federal securities laws.
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United States Judge Sarah Nitburn commented in a file published yesterday that:
Ripple asserts that communications requested by the SEC are protected by attorney-client privilege, which is not waived.
According to the SEC’s perspective, Ripple’s understanding of the legal status of XRP will support its ongoing legal battle.
Judge denies SEC’s proposal to compel production of Ripple’s attorney opinion letters. So significant because the judge states that Ripple’s subjective beliefs regarding XRP are irrelevant to the fair notice defense, impeding the path the SEC wanted to use to fight the defense.
– Jeremy Hogan (@ attorneyjeremy1) May 30, 2021
Jeremy Hogan, partner at law firm Hogan & Hogan who follows the case closely, tweeted:
The judge’s decision is very important because it states that Ripple’s personal beliefs toward XRP are irrelevant, blocking the SEC from using it as a weapon in the legal battle.
hung Judge Netburn said her conclusion related only to this specific part, and what was stated in her statement:
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The court does not take any position on Ripple’s defense.
As for Ripple, its response came after the Securities and Exchange Commission (SEC) requested the disclosure of internal memos about Ripple’s view of the cryptocurrency XRP.
Ripple’s lawyers believe that it would be useful to know whether the SEC has been biased against XRP.
For Judge Netburn to agree to Ripple’s rejection of this part, the legal battle between the two parties will continue.
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