Ripple received another favorable ruling in its legal battle against the Securities and Exchange Commission (SEC) as Judge Sarah Netburn recently denied the US financial markets regulator access to the blockchain firm’s legal communications.
The regulator filed a motion at the beginning of this month seeking access to ‘all communications constituting, transmitting, or discussing any legal advice Ripple sought or received as to whether its offers and sales of XRP were or would be subject to federal securities laws’.
Meanwhile, legal experts are considering this recent ruling extremely important for Ripple that is a standing firm in legal defense.
The US financial markets regulator dragged Ripple to court last December, accusing the company of selling unregistered securities XRP and raising around $1.3 billion. This turned out to be the biggest crypto-related litigation given the size and penetration of Ripple.
Furthermore, the SEC also tried to gain access to the personal finances of Ripple CEO, Brad Garlinghouse and Executive Chairman, Chris Larsen, but failed. Earlier, Ripple received access to SEC’s internal communications to see if the regulator previously saw XRP similar to Bitcoin and Ether, neither of which are facing any legal troubles in the US.
Despite the high-profile lawsuit, the blockchain company is optimistic, and the executives are planning to take Ripple public after its settlement with the SEC.
(Photo: forkast)
