A federal judge on Monday denied a request by the U.S. Securities and Exchange Commission (SEC) to view the legal documents that led to the creation of XRP, the cryptocurrency that has taken the financial world by storm.
Last week, a federal court denied a motion by the Securities and Exchange Commission seeking to review the legal documents of a controversial cryptocurrency startup.
U.S. District Judge Valerie Caproni has denied a request from the U.S. Securities and Exchange Commission (SEC) to gain access to documents related to a lawsuit filed against Ripple Labs Inc.. Read more about xrp lawsuit update today and let us know what you think.A request from the U.S. Securities and Exchange Commission (SEC) for access to Ripple Labs’ legal documents related to the regulatory status of XRP has been denied, according to a new document. The designated judge found that the requested disclosure was protected by attorney-client confidentiality.
Ripple took a break
The US Securities and Exchange Commission filed a lawsuit against Ripple last December, alleging that the sale of XRP was an unregistered securities offering worth more than $1.38 billion. The case is still in the investigation phase, with both sides fighting for information. This time, however, Ripple was granted a reprieve because magistrate Sarah Netburn ruled in favour of the defendant. The judge denied the SEC access to the requested pleadings on the grounds that they were protected by attorney-client confidentiality: Ripple says the messages requested by the SEC are protected by the attorney-client privilege, which it says no one has waived.
Wrinkle protection of termination keeps
The seventh. On May 5, the SEC filed a motion to dismiss Ripple’s affirmative defense as legally insufficient to prove that the company waived counsel confidentiality by asserting its defense. Ripple’s defense against the SEC’s allegations rests on its claim that the agency failed to warn the company that its cryptocurrency was an unregistered security. With this defense, Ripple argues that the SEC’s actions and inactions have failed to adequately inform market participants that the agency considers XRP a security, the company previously said. Although the judge’s decision denied the SEC access to Ripple’s counsel, he took no position on the validity of Ripple’s defense. The court takes no position on whether Ripple’s defense is valid and would succeed, she said, adding: I examine only the limited question of whether Ripple compromised his subjective state of mind or the advice of his counsel by simply raising a defense and thus waiving his privilege. I conclude that it is not. Meanwhile, the long-term sentiment on Ripple seems to be changing more and more, but a crucial part of the plan is in the hands of the SEC. In an interview last week at the Consensus 2021 virtual conference, Ripple CEO Brad Garlinghouse said that any plans for an IPO are on hold until the company resolves its legal dispute with the SEC, noting that the SEC will eventually approve an IPO for Ripple.
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Ripple Labs Inc. is a private company based in San Francisco, California. The company started as Ripple Payment Network, LLC, and was later renamed to Ripple Labs Inc. The company was formerly called OpenCoin, and later rebranded itself Ripple. The company is best known for its cryptocurrency XRP, which is considered to be the third-largest in terms of market capitalization by price and the second-largest by market-cap-to-transaction (MCT).. Read more about xrp lawsuit dismissed and let us know what you think.
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