Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

San Francisco-based startup Ripple has been granted its request for discovery regarding SEC determining Bitcoin and Ether not securities in a Telephone discovery conference held on April 6th, 2021.

In this “high-stakes” discovery win, U.S. Magistrate Judge Sarah Netburn said, “I’m going to grant in large part the defendants’ motion.”

The SEC argued that it is not relevant and would be a burden to look into all the documents requested by Ripple and that internal communications have no relevance to XRP.

Ripple, however, said that Ether has had an ICO as well but is not deemed a security and that XRP can compare to both the assets in certain cases. SEC has provided no clarity whatsoever on what is considered a security, it further said.

The company basically wants to know why Bitcoin BTC -0.45% Bitcoin / USD BTCUSD $ 16,558.35
Volume 18.09 b Change -$74.51 Open $16,558.35 Circulating 19.22 m Market Cap 318.22 b
10 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 10 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 10 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
and Ether ETH -0.28% Ethereum / USD ETHUSD $ 1,218.24
Volume 4.44 b Change -$3.41 Open $1,218.24 Circulating 122.37 m Market Cap 149.08 b
10 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 10 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 10 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
are not classified as a security while arguing that the XRP has grown to the point that it is not a security.

In its defense, the SEC said, the 2018 speech, which categorized the top two crypto-assets as not a security, was not an official position. Stuart Alderoty, General Counsel Ripple tweeted,

“In January, we asked, “How does the SEC explain telling the public that BTC and ETH are not securities, then turning around and alleging the opposite is true for XRP?” Perhaps we'll start to get some answers now.”

At the time, Ripple said the SEC is picking winners and losers. “There is no principled distinction between XRP’s current function and that of BTC or ETH,” said the company.

The crypto community is not impressed with Ripple constantly targeting Bitcoin and Ether not only for their categorization but consistently trying to put down the trillion-dollar asset by saying it is China-owned and that Bitcoin transactions are emitting the same amount of CO2 as 75 gallons of gasoline being burned.

“BTC is an exceptional store of value. It’s just not ideal as a payments mechanism,” Ripple CEO Brad Garlinghoue in a recent interview.

On SEC’s lawsuit against the company, he stated, “Ripple and I have been more transparent than anyone else in the crypto industry about our activity.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide