XRP price surges above $ 1 after the SEC court dealt another blow to the SEC
The lawsuit between Ripple and the SEC took a new turn that the XRP community couldn’t be more excited about. The US Securities and Exchange Commission reportedly asked for access to Ripple’s XRP concerns. Judge Sarah Netburn rejected this recommendation by the regulatory authorities. At press time, XRP price is trading around $ 1, up over 14% in the past 24 hours.
XRP / USD 4-hour framework | Source: TradingView
Ripple vs SEC Case Update: Court deals SEC another blow, XRP price rises sharply to over 1. U.S. dollar
“Ripple claims that the notices requested by the SEC are inherently confidential in accordance with legal requirements. This is no exception. “
The SEC had previously asked Judge Netburn to force Ripple to provide legal advice on the XRP sale and answer questions about whether the company knew about federal securities laws in order to comply. The SEC believes that Ripple has ignored legal advice regarding compliance and has continued to sell XRP.
The SEC is pushing the Ripple network to raise $ 1.3 billion through this acquisition. However, since the judge denied access to Ripple’s legal memo, it further reinforces Ripple’s argument that the SEC did not warn the company and others about the status of XRP – a token for unregistered securities.
Given the current situation, the SEC may need to consider following other leads to address the case.
Jeremy Hogan, an attorney who followed the case closely, said:
“The judge denied the SEC’s request to consult Ripple’s attorney. This is very important as the judge stated Ripple’s subjective opinion that XRP is NOT related to the safeguards of the Fair Notice. In addition, this decision also blocks the path that the SEC wants to take against Ripple. “
It looks like the SEC has lost this round and the parties involved are still showing no signs of an agreement. Many commented on Twitter that the two sides could reach an agreement, but others added that Ripple could oppose the agreement until the SEC has clear rules on XRP and electronic money.
Judge Netburn clarified that her conclusion only applies to this particular issue, adding:
“The court has no opinion on whether Ripple’s plea is admissible or has been shown to be fair.”
According to the AZCoin News