Ripple Labs has been granted access to U.S. Securities and Exchange Commission documents expressing the agencys interpretation or views on the subject of crypto assets. According to Law360, U.S. Magistrate Judge Sarah Netburn granted the defendants motion in large part, determining that SEC minutes or memos concerning crypto are likely discoverable. Netburn asserted stafftostaff email communications do not need to be produced.
Netburn also allowed for the SEC and Ripple to raise disputes with the ruling. In December, the SEC filed a lawsuit alleging Ripple Labs, its CEO Brad Garlinghouse, and chairman Christian Larsen, raised 1.38 billion through an unlicensed security offering in August 2013. Ripple has challenged the SECs suit, claiming that XRP is akin to Bitcoin or Ethereum both of which have been classified as commodities by the SEC, in addition to criticizing the eight years taken for the agency to file its complaint against Ripple.
Law360 reports that Garlinghouses counsel, Matthew Solomon, believes it may be game over for the SECs suit should they find evidence the regulator has deemed XRP akin to BTC or Ether, noting the SECs regulatory purview does not extend beyond securities. With the SEC having taken eight years to file its complaint against Ripple, the firms lawyers also believe they can undermine the SECs claims should they be able to produce documentation showing contradictory determinations as to the regulators classification of XRP.
The price of XRP…