Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Ripple Wins Access to SEC Internal Documents on Bitcoin, Ether, and Other Cryptocurrencies
Blockchain News | | Apr 7, 2021
Ripple was granted access to the Securities and Exchange Commission’s internal documents pertaining to the agency’s interpretation and views on cryptocurrencies such as Bitcoin and Ether.
Bitcoin and Ether documents relevant to XRP case
In the United States, Bitcoin and Ethereum (ETH) are classified as non-securities and are regulated more as commodities. Ripple’s native cryptocurrency XRP has failed to gain a similar status in the US however, with the SEC pursuing Ripple for $1.3 billion in unregistered digital asset securities.
See: Ripple Pilots a Private Ledger for Central Banks Launching CBDCs
The conclusion of yesterday’s discovery hearing was that defendants’ motion to access SEC’s internal documents on crypto was granted “in large part.” This means that the SEC will have to share internal and external documents related to the agency’s stance on cryptocurrencies. Staff-to-staff email communications are exempted from discovery, however.
Matthew Solomon, who acts as Ripple CEO Brad Garlinghouse’s lawyer in the case, said that it may be “game over” for the Securities and Exchange Commission’s lawsuit, once evidence on how XRP has been deemed similar to Bitcoin and Ether is uncovered. Additionally, with the SEC taking eight years before filing a complaint on XRP, Ripple attorneys believe that the lawsuit may be concluded once contradictory claims about XRP’s status made by the SEC is unveiled.
With Ripple triumphing during yesterday’s discovery hearing, the fintech firm will be able to compare its native cryptocurrency XRP against other cryptocurrencies the SEC has ruled as non-securities. Should XRP be deemed a non-security, it would mean that XRP would not fall under the SEC’s regulatory purview.
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