Latest Motion of SEC Compels Ripple To Turn Over Legal Advice Evidence About XRP Sales
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The United States Securities Exchange Commission (SEC) has reached an agreement with digital asset trading platform Ripple that will compel the company to turn over information it received in connection with its sale of XRP tokens to investors. A Ripple spokesperson told CoinDesk: “We are pleased to have resolved this matter.” The SEC initially filed suit against Ripple in May, accusing the company of facilitating the sale of unregistered securities when it offered XRP tokens to investors in a 2013 fundraising effort.
In a fresh legal motion filed on Friday in the ongoing SEC v. Ripple Labs civil action, the agency is now seeking to compel the latter to turn over evidence of any and all legal advice it received with regards to selling XRP, the native cryptocurrency of its controversial XRP Ledger.
As the legal battle continues, the U.S. Securities and Exchange Commission has filed its latest petition against Ripple Labs.
The SEC accuses Ripple of selling unregistered securities, even though registration of securities is required by law under the Securities Act of 1993.
The lawsuit considers the digital asset Ripple (XRP) to be a security and therefore the distribution of XRP in exchange for currency, work or market-making activities is considered an offer of securities. Moreover, according to the SEC, XRP cannot be classified as a currency, so it is not excluded from the protective registration provision. The SEC relied on comments from Ripple officials categorically denying that XRP is a currency and pointing out the differences between XRP and bitcoin.
Rosie Rios, who was the 43rd U.S. treasurer under President Barack Obama, will join Ripple’s board of directors alongside Christina Campbell.
Lawsuit against Ripple
Attorney James C. Filan gave an update on the SEC’s case against Ripple on the 7th. May on Twitter. According to the latest update, the plaintiffs have filed a motion to compel Ripple. This motion requires plaintiffs to prove that they received or obtained legal advice in connection with the offers and sales of XRP. And whether these sales and transactions will comply with federal safety regulations.
#XRPCommunity #SEC_NEWS v. #Ripple #XRP #SEC_NEWS files a motion to compel #Ripple to produce documents relating to any legal advice sought or received by #Ripple regarding compliance of #XRP’s offerings and sales with federal securities laws.https://t.co/20hEfxU0om
– James C. Philan (@FilanLaw) May 7, 2021
Since April 19, when he filed a motion to intervene in the SEC’s case against Ripple, Deaton has been involved in the case. Since the beginning of the year, he has already sued thousands of XRP in this case. The SEC considers Ripple’s security a real threat, according to a message consisting of four tweets.
Ripple argues that the legal briefs contain only general indications that XRP can be used and sold in a manner that violates securities laws, but that XRP itself is not a legal asset. In two of the tweets, Deaton said it would be interesting to see if the judge orders Ripple to hand over the memos.
The SEC just filed this letter requesting a conference on whether @Ripple should hand over the legal memos it received in 2012 regarding #XRP and that XRP, if marketed and sold in a certain way, could be considered an unregistered security.
Brad Garlinghouse and Chris Larsen, the two CEOs of Ripple Labs at the center of the lawsuit, filed individual motions last week to dismiss the case. In response, the SEC submitted comments on the applications. The answer, as many as 60 pages long, met with objections from Garlinghouse and Larsen. Philan, on the other hand, could give no indication that they disagreed.
This is the latest step in the legal battle between Ripple Labs and the Securities and Exchange Commission. Numerous motions and responses have been filed in the case in recent weeks, but Ripple has yet to provide solid evidence of XRP sales.
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Frequently Asked Questions
Will ripple Win Lawsuit Against SEC?
Ripple Labs, the company behind the cryptocurrency XRP, has been getting some bad press lately. On Wednesday, the SEC (Securities and Exchange Commission) decided to ban the company from the securities market, essentially accusing it of selling unregistered securities and fraudulently pumping up the price of their stock. Now, the company has filed for a preliminary injunction to prevent the SEC from putting a freeze on their assets. In the lawsuit, Ripple argues that the SEC has no right to stop them from selling their cryptocurrency and that the SEC’s decision is based on a “flawed and fundamentally unfair process.” It also claims that the SEC has arbitrarily chosen to classify XRP as a security, even though the cryptocurrency does not meet the requirements for a Ripple, a San Francisco-based fintech company, has filed a lawsuit against the Securities and Exchange Commission (SEC) for allegedly “violating the Administrative Procedure Act (APA) and also the due process clause of the Fifth Amendment.” The company is suing the SEC for denying the company’s request to register XRP, Ripple’s native digital asset, as a security. The company has asked the court to require the SEC to act on its application for XRP to be a non-security; to declare that the SEC has no basis to deem XRP a security; and for the SEC to be required to register XRP as a non-security. (Ripple claims that XRP is a non
Will ripple XRP reach $1000?
The ripple coin was developed in 2012 by a technology company called ripple and is used by banks to process international transactions. It is also used by individuals who are looking to make international transactions in a cheaper and faster way. While ripple is a cryptocurrency, its not like most other cryptocurrencies. For those who are new to cryptocurrencies and want to learn more about ripple, this article will give you some details about ripple and why its different from other cryptocurrencies. Ripple XRP is a cryptocurrency created by the privately funded Ripple company, which is now one of the top five cryptocurrencies. Ripple XRP was introduced in 2012 and has been one of the fastest growing cryptocurrencies in the past year. Ripple XRP is unique in the sense that unlike other cryptocurrencies, XRP is not mined. Instead, 100 billion XRP was created when the currency was first released. Ripple XRP is currently ranked third on coinmarketcap.com, with a value of $0.84 per XRP.
Is XRP a good investment 2020?
Where to invest your money in 2020 may depend more on your risk tolerance and level of investment experience than any other factor. If you’re a beginner, you might want to stick with a low-risk investment like a savings account or CD at a bank. If you’re more of a risk-taker, peer-to-peer lending, crowdfunding or investing in individual stocks may be better investments for you. If you’re trying to decide whether to buy XRP or any other cryptocurrency for the long term, there are a number of factors to consider (more on that here) XRP is a digital currency used by the banking industry that has seen its value surge in recent months. Many have debated whether XRP is a good investment in 2020, and experts are divided on the matter. On one hand, some believe that the currency could continue to gain value, especially if it becomes more widely accepted by banks. On the other hand, some experts argue that XRP is unlikely to maintain its value and the recent price increase is just another bubble that will soon burst.