Ripple Labs Inc has successfully halted the SEC's access to their legal records.
Since December last year, there has been a legal affair between Ripple and the US SEC. The charges are illegal security offerings amounting to up to $1.3 billion by Ripple. The latest concern is the request for legal records by the US SEC. This is following a series of requested documents from foreign partners of Ripple. An action that was allowed by the court against the crypto firm’s wishes. Now, the US SEC is at it again, and this time, they want legal records binding XRP as a security.
Major updates:
Ripple hinders SEC access to their legal records.
Ripple counters by requesting crypto documents from the SEC.
Ripple lawyers believe that the SEC could be biased.
Recently, the US SEC has gone the extra mile to request for Memoranda of Understanding from foreign partners of Ripple Labs Inc. These confidential documents were stated by the SEC to support the prevailing legal matters and determine the legitimacy of publicity offered XRP
tokens by Ripple.
This, however, was not made known to the court or Ripple at the initial stages. It was Ripple that had discovered this from one of their partners who were requested for such documents.
Ripple had requested that the court should ban such actions as they were “outside legal procedure.” Ripple further called it an “unwarranted intimidation tactic” by the SEC to oppress them and their overseas partners. The request was, however, denied, and the SEC was allowed to carry it out further.
More recently, the SEC had attempted to step further and request legal documents this time around.
It was on May 7 that the US SEC had requested the judge to order Ripple to produce legal documents which will determine the status of XRP as a security. They believe this will strongly support the ongoing legal affairs.
Ripple was not having it as they proceeded to insinuate a bias nature of the SEC. The crypto firm has now asked Judge Netburn to order intel on substantial documents of cryptocurrencies by the SEC. In large fraction, this request has been granted.
What do you think is to in the next hearing, will the SEC find a way around this, or will they triumph over Ripple?
