On May 16, 2023, US District Judge Analisa Torres denied the SEC's request to seal documents related to a 2018 speech by former SEC Head William Hinman. In the speech, Hinman said that Bitcoin and Ethereum were not securities. The SEC accused Ripple of selling XRP as an unregistered security.

The SEC argued that the documents should be sealed because they were deliberative materials that could reveal the agency's thinking on the issue of whether XRP is a security. However, Judge Torres ruled that the documents were not protected by the privilege of deliberative process because they did not relate to an agency position, decision or policy.

The ruling is a victory for Ripple and could be a significant setback for the SEC's case. The documents that were unsealed could provide evidence that the SEC had no legitimate basis for its decision to sue Ripple.

Ripple CEO Brad Garlinghouse tweeted that the ruling was "another victory for transparency" and that it "should make it clear that the SEC's case against Ripple is without merit."

The SEC has yet to rule on the ruling.

#feedfeverchallenge #Ripple #RippleSEC #Ripplenews

Attorney Deaton does not believe #XRP will hit a new all-time high, despite the coin scoring a significant win in SEC v. #Ripple.

Read more on: https://thecryptobasic.com/2023/08/07/deaton-doesnt-expect-xrp-to-hit-a-new-all-time-high-before-bitcoin/

#Ripplenews #crypto #cryptonews

#Ripple CTO comments on the recent Terra ruling, highlighting possible reasons why the court rejected Judge Torres’ distinction of Ripple’s #XRP sales.

Read more on: https://thecryptobasic.com/2023/08/01/ripple-cto-states-why-court-rejected-judge-torres-xrp-sales-distinction-deaton-reacts/

#Ripplenews #crypto #crypto2023

Ripple Labs’ Chief Legal Officer (CLO) Stuart Alderoty expressed concerns over the pattern the US SEC exhibits in flouting the law.
Read more on: https://thecryptobasic.com/2023/11/02/ripple-clo-calls-out-sec-says-sec-again-acted-arbitrarily-and-capriciously/
#ripple #Ripplenews #SEC #Crypto #CryptoNews🔒📰🚫

The #Ripple Chief Legal Officer Alderoty recently shared a document showing how the SEC labeled #XRP as security.

Read more on: https://thecryptobasic.com/2023/08/07/ripple-clo-shares-doc-showing-how-sec-labeled-xrp-a-security/

#Ripplenews #XRParmy #crypto

#Ripple Engages with 30+ Countries for Adoption of Its #CBDC Platform.

Read more on: https://thecryptobasic.com/2023/07/29/30-countries-over-15-of-nations-in-world-may-use-ripple-cbdc-platform/

#Ripplenews #crypto #crypto2023

Top legal expert says most commentators are wrong in analyzing Judge Torres’ ruling concerning #XRP security status.

Read more on: https://thecryptobasic.com/2023/07/31/legal-expert-says-its-hard-to-say-judge-torres-misapplied-law-by-declaring-xrp-non-security/

#Ripplenews #crypto #crypto2023

Ripple Labs recently held a media briefing at the Ripple/TRM Labs Summit event in Seoul, South Korea. The focus of the event was the ongoing lawsuit with the US Securities and Exchange Commission (SEC) that has been going on for more than two years. Ripple Labs emphasized that “American innovation and industry are at stake in the ruling of this lawsuit.”

Brooks Entwistle, Senior Vice President, Global Customer Success and Head of Asia Pacific, Middle East & North Africa (MENA) at Ripple Labs, maintained a resolute attitude while answering questions related to the lawsuit. He stated that the impact of the ruling would be minimal as more than 90% of their services are outside the United States. However, he also warned of the possibility that cryptocurrency companies’ exodus from the United States will accelerate if regulatory clarity is not established.

During the lawsuit with the SEC, Ripple Labs argued that US regulations were not clearly established. Vice President Brooks stated that the cryptocurrency business is concentrated in countries with clear regulations, such as Singapore and Japan, and alluded to US regulators, pointing out that “it is not right to try to establish regulations in the process of cracking down.”

Ripple Labs also requested clear regulations from the Korean regulatory authorities. Rahul Advani, head of Ripple Asia-Pacific policy, emphasized the importance of clear regulation as the basis for innovation. He presented three tasks for ‘clear regulation’: preparing a token classification system, risk-based regulatory framework, and public-private cooperation. He also expressed his expectations for the ongoing revision of the Capital Markets Act and the enactment of the Basic Act on Digital Assets in Korea.

Advani said, “A cryptocurrency classification system will be established in Korea next year. For risk-based regulation, please refer to other markets such as Japan and Singapore that have already adopted this method.” He also emphasized the importance of public-private cooperation to settle Korean regulations.

In conclusion, the lawsuit with the SEC is crucial for Ripple Labs and the cryptocurrency industry. Ripple Labs is calling for clear regulations to establish a stable and innovative market. It is hoped that Korean regulatory authorities will heed the call for clear regulations to foster innovation and attract more utility in the blockchain market.

#Ripple #XRP #SEC #Ripplenews #azcoinnews

This article was republished from azcoinnews.com

Ripple and the Securities and Exchange Commission (SEC) have been engaged in a legal battle since December 2020. The SEC alleges that Ripple Labs, the company behind the XRP cryptocurrency, violated securities laws by selling XRP to investors without record it as a value. Ripple has denied the allegations and has filed a motion to dismiss the lawsuit.

The case is still ongoing, but Ripple has had some recent victories. In May 2023, a federal judge denied the SEC's request to seal documents related to a 2018 speech by former SEC head William Hinman. In the speech, Hinman said that Bitcoin and Ethereum were not securities. The SEC argued that the documents should be sealed because they were deliberative materials that could reveal the agency's thinking on the issue of whether XRP is a security. However, Judge Torres ruled that the documents were not protected by the privilege of deliberative process because they did not relate to an agency position, decision or policy.

The ruling is a victory for Ripple and could be a significant setback for the SEC's case. The documents that were unsealed could provide evidence that the SEC had no legitimate basis for its decision to sue Ripple.

Ripple CEO Brad Garlinghouse tweeted that the ruling was "another victory for transparency" and that it "should make it clear that the SEC's case against Ripple is without merit."

The SEC has yet to rule on the ruling.

The Ripple-SEC lawsuit is an important case for the cryptocurrency industry as a whole. The outcome of the case could have a major impact on how the SEC regulates cryptocurrencies. If the SEC is successful in its case against Ripple, it could set a precedent that would make it more difficult for other cryptocurrency companies to operate in the United States.

However, if Ripple is successful in its defense, it could help legitimize the cryptocurrency industry and make it easier for other companies to operate in the United States. The outcome of the case is still uncertain, but it is a case worth watching closely.

#feedfeverchallenge

#Ripple

#RippleSEC

#Ripplenews