The court granted Ripple’s request to oblige the US SEC to disclose its cryptocurrency policy. This latest Ripple vs SEC news marks an important turning point for the fintech firm.
June 24, 2021, | AtoZ Markets – The request of Ripple lawyers to learn about the internal trading policies of the US Securities and Exchange Commission (SEC) was accepted by the judge of the case, Sarah Netburn. This decision is thought to be very beneficial to Ripple’s defense.
Why SEC should disclose information on the classification of cryptocurrencies
The court gave a positive decision, saying that the request was closely related to the case. This was reported by Twitter user CryptoLaw with reference to the court ruling.
The SEC is against the release of such data. According to the regulator, they are not related to the trial and “will not lead to the discovery of any relevant evidence.” However, Ripple believes the opposite. According to the fintech company, the disclosure of internal policies will show how the SEC differentiates XRP from Bitcoin and other altcoins.
Some users believe that the disclosure of this information will be key in the litigation between Ripple and the SEC.
It is worth noting that the Court approved Ripple’s request for information from the SEC on how the regulator classifies bitcoin and ether (ETH) back in April this year. However, then the court did not oblige the regulator to provide documents.
When will the SEC vs Ripple case end?
Nevertheless, lawyers doubt that the trial will be completed by the end of 2021. For example, on June 15, the court granted the SEC’s request for a 60-day grace period. According to lawyer Jeremy Hogan, the verdict in the case should not be expected earlier than December 2021-January 2022.
The court also allowed Brad Garlinghouse and Chris Larsen to request documents related to their accounts and XRP transactions from 16 foreign crypto exchanges. Thus, the leaders of Ripple want to prove that the sale of tokens was carried out for the most part exclusively on foreign platforms.
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