Based on the legal test for determining whether something is a security or not (Howey), the SEC has a case. However, in filing its defense, Ripple Labs made an excellent point worthy of discussion.
The payments company is seeking to prove that the XRP sales its executives made were beyond the jurisdiction of the U.S. watchdog.
A New York judge ruled against the securities regulator’s motion to access the Ripple’s memos through which it sought to prove that the payments company knew XRP was a security.
Judge Sarah Netburn granted a motion to dismiss the SEC request, which would have required Ripple’s Brad Garlinghouse and Chris Larsen to divulge their personal financial records to the court.
Ripple Labs has recorded two small victories in the ongoing U.S. Securities Exchange Commission (SEC) lawsuit.
The Securities and Exchange Commission is asking the court to stop a motion by Ripple executives to deny it access to their personal financial records.
The U.S.’s expanding offensive on digital asset players should be a clear signal that existing regulatory structures apply to the digital asset ecosystem.
Some 6,000 investors in XRP argued they were not being sufficiently represented during the legal proceedings brought against the firm by the U.S. Securities and Exchange Commission.
The U.S. Securities and Exchange Commission wants a federal court to grant it access to the personal finance records of Ripple’s executives.
The lawsuit alleged that YouTube had “feigned ignorance” as XRP scams defrauded millions of dollars on the video sharing platform.
MoneyGram partnered with Ripple in 2019 to use the service as part of its transfer solutions, but has since suspended XRP as remittance currency in February due to Ripple’s legal woes.