Ripple gained access to SEC discussions about defining crypto assets as securities.
According to Cointelegraph, a cryptocurrency media outlet on the 7th, attorneys at Ripple (XRP) will dig into the SEC’s internal discussions on cryptocurrency to comment on XRP.
Ripple Labs has been granted access to a US Securities and Exchange Commission (SEC) document to “express an institutional interpretation or opinion” on the topic of cryptocurrency assets.
According to Law 360, Federal Justice Judge Sarah Netburn granted the “most” of the defendant’s claim, deciding that SEC minutes or notes on cryptocurrency were likely to be found. Netburn affirmed that e-mail communication between employees did not need to be produced.
Netburn also allowed the SEC and Ripple to challenge the ruling.
In December, the SEC filed a lawsuit claiming that Ripple Labs, CEO Brad Garlinghouse, and Chairman Christian Larsen raised $1.38 billion through an unlicensed security service in August 2013.
Ripple argues that XRP is similar to Bitcoin or Ethereum, and has criticized the SEC’s eight-year lawsuit against Ripple, as well as objecting the SEC’s lawsuit.
Law 360 notes that the SEC’s regulatory perspective does not go beyond securities, and Matthew Solomon, an attorney at Gallinghouse, said that if regulators find evidence that XRP is similar to BTC or ETH, the SEC’s lawsuit is “Game Over. “I reported that I believed it could be done.
Meanwhile, on April 6, Jeremy Hogan, a cryptocurrency lawyer who is observing the incident with interest, shared a 2016 ceasefire order that described Ripple Labs as a “digital currency company” via Twitter. “We need to explain to the court how currency’ has transformed into’digital security’.”