Ripple’s New Legal Victory Against SEC: Judge Denied Access to Documents
Global Payments company Ripple just added another legal victory in its lawsuit case with the U.S. Securities and Exchange Commission (SEC).
Federal Judge Sarah Netburn is denying the SEC’s request to force Ripple to provide them access to documents connected to its past lobbying efforts.
Judge Netburn has previously denied the SEC access to Ripple’s communication with lawyers. Netburn referred to the previous denial in her most recent ruling:
“The SEC’s request to compel production of documents related to Ripple’s lobbying efforts is DENIED. As discussed in the Court’s earlier Opinion and Order denying access to Ripple’s privileged communications, Ripple’s fair notice defense centers on the activities of the SEC, not its own behaviors…
In the same vein, Ripple’s lobbying efforts regarding the status of XRP are not relevant; and any relevancy argument is outweighed by the burden of production.”
The SEC formally filed an official complaint against the payments giant in December, alleging that Ripple’s native asset XRP was an unregistered security upon its launch and remains a security to this day.
Ripple has argued that SEC’s allegation for XRP to be a security, is not in line with the agency’s view that ETH and BTC are currencies.
Not long ago, SEC also attempted to force Ripple to provide records relevant to XRP transactions and efforts made after the complaint was filed. Judge Netburn, however, denied that as well. The Judge ruled:
“The SEC’s request to compel production of documents post-dating the complaint is DENIED without prejudice. If, after the parties have exchanged expert reports, it becomes clear that Ripple’s expert relied upon documents that, in fairness, requires the SEC to review post-complaint documents, the SEC may renew its application.”
