The Us Securities And Exchange Commission (Sec) Will Not Be Able To View The Content Of The Legal Advice Received By Ripple In Connection With The Xrp Token.
On May 7, The SEC Went To Court For A Permit. It Was Assumed That Such Information Would Help Her Prepare An Evidence Base Regarding The Fact That Ripple Was Selling Xrp, Knowing About The Possibility Of Recognizing The Token As A Security. The Agency Stated That Its Actions In More Than 70 Similar Cases In Relation To Crypto Companies Were Sufficient Basis For Ripple To Draw Conclusions About The Legal Status Of Xrp.
“ripple Claims That The Information Requested By The Sec Is Protected By Attorney-client Privileges. The Court Does Not Reject This Allegation, ” Said Judge Sarah Netburn In A May 30 Document.
Jeremy Hogan, A Lawyer Commenting On The Sec Case Against Ripple, Considers This Decision “Very Important.” It Allows The Company To Follow The Line That It Did Not Receive Notice Of The Possibility Of Recognizing Xrp As A Security, While The Sec, Which Expected To Use The Opposite Argument In Its Favor, Will Not Be Able To Do So, He Adds.
Netburn Noted That The Court’s Decision Applies Only To This Specific Issue, And The Court Has Not Yet Taken A Position On Whether Ripple’s Defense Is Justified. Earlier, Ripple Asked The Court To Give It The Opportunity To Familiarize Itself With The Internal Documents Of The Sec On The Regulation Of Cryptocurrencies, With Which Netburn Agreed “To A Large Extent.”
