Judge Sarah Netburn reiterated that during the XRP saga with SEC, the Securities and Exchange Commission (SEC) is required to produce Bitcoin, Ether, and XRP records.
Search and production of critical documents
The on-going legal action of the SEC against XRP’s developers, the Ripple Labs and their managers claims that the token was marketed for security purposes. The blockchain company failed, allegingly infringing securities law, to request documentation that would conform with the initial public offering method.
In recent months, the regulatory body has lost many pre-trial movements including the victory of Ripple forcing the SEC to release Bitcoin, Ether, and XRP related papers. Notwithstanding Judge Netburn’s decision to reveal vital information, she did not discover SEC’s internal correspondence.
The SEC’s debate on Ripple’s top cryptocurrencies is essential to security, since Bitcoin and Ethereum have previously been explained as being not securities. If XRP is also debated by market capitalization along with two major cryptocurrencies, Ripple will do more.
However, the Organization recently replied that it has no material related to the leading cryptocurrencies.
Judge Netburn now reaffirmed the order for the SEC to generate and distribute documents relating to the three cryptocurrencies. The regulator must communicate with third parties, including external agencies and market participants, subject to privilege claims. The official paper reads:
Bitcoin, Ethereum and xrp must be checked for intra-agency memoranda or structured position papers that deal with them. Examples are division reports, internal working group final reports.
Bitcoin, Ethereum and xrp must be checked for intra-agency memoranda or structured position papers that deal with them. The Division reports, internal working group final reports or official position papers presented by the commissars provide examples of such documents.
The legal fight persists, although Ripple and its executives have moved to reject the lawsuit. In order to support this case the SEC has also employed two senior Chicago lawyers with 18 and 25 years of experience. Jeremy Hogan said the department “calls into rehabilitation” and Ripple will “fight hard.” “Ripple’s fighting hard.”