Well, it seems like Ripple finally managed to score a much-needed win in its lawsuit over the United States Securities and Exchange Commission, as the SEC has been ordered to provide access to the discussions that had taken place regarding the definitions of crypto assets to act as securities.
The SEC had originally filed a lawsuit against Ripple because of the allegation that the XRP token exhibited security-like functions, and also on the grounds that Chris Larsen and Brad Garlinghouse had been deriving profit from the unregistered sales of XRP tokens.
Now though, Ripple lawyers have been given full access to the relevant discussions that the SEC did have and are hopeful that something of use can be found to push the case even further Ripple’s favor.
SEC’s views to be challenged as Netburn allows disputes from both sides
The main topic that representatives from Ripple would primarily be interested in will most likely be the SEC’s views and interpretations of crypto assets and how the commission defines them in relation to acting as securities.
The access to these discussions had been granted by Judge Sarah Netburn, who did emphasize that although Ripple’s motion had been approved, it does not mean that personal email exchanges and communications between staff members are applicable to be brought forward for analysis. SEC memos or minutes, though, are more than likely to be discoverable. Furthermore, the judge had also allowed for both sides to bring forth any disputes that they may have with the ruling to the table for discussion.
Moreover, Matthew Solomon, the counsel acting on behalf of Garlinghouse himself, believes that the lawsuit will be over if light can be shown on any of the SEC discussions highlighting XRP to be akin to Ethereum or Bitcoin, as the SEC’s accusations do not stretch further than the concern for securities. Dugan Bliss, the counsel for the SEC, has, however, criticized the notion that commission is put on ‘trial’ as Ripple should be focused on defending its supposed illicit actions rather than scrutinizing internal discussions and deliberations.
Outside interest increases as Hogan unearths evidence
The legal battle between the SEC and Ripple has taken the cryptocurrency community by storm and has been the subject of many heated debates outside the courtroom.
One attorney by the name of Jeremy Hogan did some digging of his own and discovered that the SEC itself had called Ripple a ‘Digital Currency’ in one of its documents. Hogan then asked how the SEC can now call Ripple a ‘Digital Security’ and when did it decide to make this change, and on what grounds.