Ripple just nabbed a new legal victory in its battle with the U.S. Securities and Exchange Commission (SEC).
Federal Judge Sarah Netburn is denying the SEC’s request to compel Ripple to produce documents connected to its past lobbying efforts.
Netburn has previously denied the SEC access to Ripple’s communication with lawyers. The judge cited that denial in her most recent ruling:
“The SEC’s request to compel production of documents related to Ripple’s lobbying efforts is DENIED. As discussed in the Court’s earlier Opinion and Order denying access to Ripple’s privileged communications, Ripple’s fair notice defense centers on the activities of the SEC, not its own behaviors…
In the same vein, Ripple’s lobbying efforts regarding the status of XRP are not relevant; and any
relevancy argument is outweighed by the burden of production.”
The SEC formally filed a complaint against the payments giant in December, alleging that Ripple’s native asset XRP was an unregistered security upon its launch and remains a security to this day.
Recently, the regulatory agency also attempted to compel Ripple to produce records relevant to XRP transactions and efforts made after the complaint was filed. Netburn, however, denied that as well.
“The SEC’s request to compel production of documents post-dating the complaint is DENIED without prejudice. If, after the parties have exchanged expert reports, it becomes clear that Ripple’s expert relied upon documents that, in fairness, requires the SEC to review post-complaint documents, the SEC may renew its application.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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