Since the litigation started, XRP fans have never been happier following the surge of the cryptocurrency yesterday. XRP made immense gains after the price rallied above $1 even though its legal battle with the SEC is far from over. However, in response to the long-standing demand by Ripple lawyers, the SEC has released documents related to Bitcoin and Ether.
Ripple Gains Access to SEC’s Documents
Some months ago, Ripple filed a motion to compel the SEC to release Bitcoin and Ether documents arguing that they are not different from XRP. On Tuesday the court granted the firm access to the SEC’s documents related to those assets.
In retrospect, this has been part of Ripple’s defence since January. However, now that the SEC has released the documents, the firm seeks to see how the agency classifies an asset as a security.
In December 2020, the SEC accused the defendants of selling XRP which is considered as a security and profiting from the sales. Therefore, the documents released by the SEC is critical to Ripple’s case since they will tell if XRP was at any point defined similarly to Bitcoin and Ether.
Ripple’s Case Set to Take a New Turn
According to the ruling by Judge Netburn, the defendants will not have access to the agency’s staff-to-staff correspondence. However, they will be able to view other info like SEC minutes and memos etc. that are related to the agency’s views on XRP.
Another of Ripple’s defence is on why it took the SEC eight years to file an action. Brad Garlinghouse revealed that he hopes to revisit some of these conversations with Gary Gensler as he comes on board as the SEC Chairman.
As the case proceeds, Judge Analisa Torres has granted the request of 6000 XRP holders to intervene in the ongoing legal battle. According to the judge, the token holders have till April 19 to submit their motion to get involved in the case.