Ripple’s latest tiff with the Securities and Exchange Commission [SEC] of the United States of America proved to be hefty for the platform as well the cryptocurrency XRP. While XRP slumped to a new low, Ripple was busy hiring lawyers to fend off the allegations made by the SEC. The SEC went on to charge Ripple for the sale of unregistered securities, despite the fact that several regulators across the globe pointed out that XRP was not a security.
However, things seem to be turning out favorable for the platform. Just as XRP was seen getting back on its feet, the SEC was denied access to the personal financial records of Brad Garlinghouse as well as Chris Larson, the current and former CEO of the platform, respectively.
Ripple Scores Big Against The SEC
The SEC not only charged Ripple, but also the execs of the company like Garlinghouse and Larson. The SEC even went on to seek the personal financial records of the aforementioned individuals for the case. Larsen filed a motion urging the court to dismiss this. Magistrate Judge Sarah Netburn ruled in favor of the execs by suggesting that these records were irrelevant to the case.
Furthermore, the court’s ruling was revealed in a recent tweet by Leonidas Hadjiloizou, a member of the XRP community. The tweet read,
The ruling read,
“The SEC’s Requests for third-party subpoenas make broader requests, however, that would result in the disclosure of an immense trove of private financial information with no relevance to whether the Individual Defendants offered or sold XRP into the public market or promoted its sale to potential investors.”
Additionally, the court went on to approve Ripple’s request to view the SEC’s documents pertaining to the case. This was a huge step up for the platform as it would help them assess the SEC’s reason behind categorizing XRP as a security.
Published at Sat, 10 Apr 2021 16:59:30 +0000