Ripple (XRP)

Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

San Francisco-based startup Ripple has been granted its request for discovery regarding SEC determining Bitcoin and Ether not securities in a Telephone discovery conference held on April 6th, 2021.

In this “high-stakes” discovery win, U.S. Magistrate Judge Sarah Netburn said, “I’m going to grant in large part the defendants’ motion.”

The SEC argued that it is not relevant and would be a burden to look into all the documents requested by Ripple and that internal communications have no relevance to XRP.

Ripple, however, said that Ether has had an ICO as well but is not deemed a security and that XRP can compare to both the assets in certain cases. SEC has provided no clarity whatsoever on what is considered a security, it further said.

The company basically wants to know why Bitcoin BTC -2.89% Bitcoin / USD BTCUSD $ 56,952.45
-$1,645.93-2.89%
Volume 71.43 b Change -$1,645.93 Open $56,952.45 Circulating 18.68 m Market Cap 1.06 t
17 min Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status 59 min Coinbase Setting A ‘Great Precedent’ for Crypto with its Impressive Revenue & User Boom 1 h Bitcoin & Ether Inflows Hit a Record $4.5 Billion in Q1 2021: Coinshares Report
and Ether ETH -4.79% Ethereum / USD ETHUSD $ 2,011.73
-$96.36-4.79%
Volume 30.71 b Change -$96.36 Open $2,011.73 Circulating 115.37 m Market Cap 232.1 b
17 min Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status 37 min Balancer Labs Has ‘Zero’ Involvement in Algorand; V2 Launch is the Sole Focus 59 min Coinbase Setting A ‘Great Precedent’ for Crypto with its Impressive Revenue & User Boom
are not classified as a security while arguing that the XRP has grown to the point that it is not a security.

Read Also:   Over 3 Billion XRP Held on Coinbase Exchange to Miss Out On Flare Network’s Spark Airdrop

In its defense, the SEC said, the 2018 speech, which categorized the top two crypto-assets as not a security, was not an official position. Stuart Alderoty, General Counsel Ripple tweeted,

“In January, we asked, “How does the SEC explain telling the public that BTC and ETH are not securities, then turning around and alleging the opposite is true for XRP?” Perhaps we’ll start to get some answers now.”

At the time, Ripple said the SEC is picking winners and losers. “There is no principled distinction between XRP’s current function and that of BTC or ETH,” said the company.

Read Also:   Ripple Seeks New Hire to Bolster XRP and CBDC Ties

The crypto community is not impressed with Ripple constantly targeting Bitcoin and Ether not only for their categorization but consistently trying to put down the trillion-dollar asset by saying it is China-owned and that Bitcoin transactions are emitting the same amount of CO2 as 75 gallons of gasoline being burned.

“BTC is an exceptional store of value. It’s just not ideal as a payments mechanism,” Ripple CEO Brad Garlinghoue in a recent interview.

On SEC’s lawsuit against the company, he stated, “Ripple and I have been more transparent than anyone else in the crypto industry about our activity.”




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Ripple Wins Access to SEC Internal Crypto Discussions Regarding Bitcoin & Ether’s Non-Security Status

by Anthony Beattie
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