Ripple vs SEC: SEC Demand Ripple to Provide Legal Advice It Obtained Regarding the Status of XRP

Ripple vs SEC: SEC Demand Ripple to Provide Legal Advice It Obtained Regarding the Status of XRP

US Securities and Exchange Commission (SEC) wants Ripple to provide legal advice it received as regards XRP’s token Status

Ripple vs SEC Lawsuit Expands

The discovery battle between the US Securities and Exchange Commission and Ripple is intensifying, and SEC senior lawyer Jorge Tenreiro filed a motion asking the company to produce documents and provide any legal advice regarding it to certify the status of XRP.

The SEC alleged that the defendant received comprehensive advice as early as 2012 on whether its sales were subject to federal securities laws. It was alleged that Ripple had at least 657 documents in custody between 2013 and 2018.

This move appears to be aimed at strengthening the key defenses that the Ripple Securities Regulatory Commission is trying to pull back:

“If lawyers told Ripple what the law says and how to comply, based on whatever facts Ripple disclosed to those lawyers, the fairness doctrine entitles the SEC to full discovery on the notice Ripple and its employees actually received.”

The U.S. Securities and Exchange Commission claimed that Ripple employees, including CEO Brad Garlinghouse and co-founder Chris Larsen, began making deposits within 12 days of needing to access the files above.

The regulator has requested an informal meeting on the matter.

Ripple can access the SEC’s Bitcoin and Ethereum documents

It was reported by Fxcryptonews, Magistrate Judge Sarah Netburn maintained her ruling, stating that the US Securities and Exchange Commission is not required to produce personal letters from its employees such as emails.

However, it also ruled that based on its April 6 decision, the SEC must prepare an intra-agency memo on Bitcoin, Ethereum and XRP, as well as notices to third parties.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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