According to the information obtained, the trial judge asked the #SEC to share its internal documents regarding #Bitcoin, #Ethereum, and #XRP.
According to a screenshot of a new legal filing shared by the lawyer representing XRP investors, a judge has accepted Ripple's request to force the U.S. Securities and Exchange Commission (SEC) to disclose its non-public policies regarding whether they can buy or sell XRP and other cryptocurrencies. .
🧐Why Are Documents Important?
Earlier this month, Ripple announced that the SEC would like to review the “policies governing the trading or transactions of SEC employees, including any changes and updates regarding Digital Assets and/or Cryptocurrencies .”
At this point, the SEC and Ripple got into a stalemate over the agency's internal documents, which the SEC argued were irrelevant to the case. According to the SEC's statements, the documents in question were insignificant as they would not provide any evidence.
But Ripple claims these policies could reveal the SEC's stance on digital assets, including any distinction it draws between XRP and other cryptocurrencies like Bitcoin and Ethereum .
Ripple lawyers argue that these facts relate to the company's fair warning defense and practices of the Howey test as to whether Ripple and co-defendants CEO Brad Garlinghouse and chairman of the board Chris Larsen offered XRP as a security.
🔥Another Victory from Ripple
US Magistrate Sarah Netburn, who presided over the investigations in the SEC and Ripple Labs case, noted that the SEC began producing documents related to Ripple 's earlier internal communication request about Bitcoin, Ethereum, and XRP.
On the other hand, last December, the SEC filed a lawsuit alleging that the sale of XRP to Ripple was an unregistered securities offering of over US$1.38 billion. The SEC also accused Ripple 's CEO, Brad Garlinghouse, and chairman of the board, Chris Larsen, as co-accused for allegedly aiding and abetting Ripple's violations.
↘️In addition, XRP investors state that they are also affected by this litigation process and therefore they want to take part in the case as a third party.