Stuart Alderoty, general counsel of blockchain company Ripple, conveyed an important development for the Ripple case. Alderoty said that two documents from 2012 could prove that XRP is not considered an unregistered security, implying that it could change the course of the case. As Kriptokoin.com, we are providing the details…
Flash development for the Ripple case: XRP can be proven not to be seen as a security
According to a statement to Fox Business, Ripple general counsel, 2012 He said the two documents could show that XRP is not seen as an unregistered security. As we reported earlier, the SEC, the US Securities and Exchange Commission, filed a lawsuit in December 2020, citing that Ripple had been selling XRP as an “unregistered security” for some time. So, showing that XRP is not a security is vital to the case.
Alderoty, US Securities and Exchange Commission’s response to these legal disclosures He said he thought it was surprising that he objected. The Ripple advisor stated that they are “looking forward” to people getting access to the 10-year-old documents in question as they “continue to vigorously defend this case.” So, what’s in the documents in 2012?
Will the documents be made public?
In 2012, Ripple co-founder Chris Larsen, named as one of the defendants in the lawsuit, sought legal advice on XRP during the company’s first year of cryptocurrency. He received two notes from an unnamed law firm. On the other hand, the SEC alleges that Ripple was aware that XRP was an unregistered security and knowingly chose to trade illegally.
US Judge Analisa Torres issued a court order to unseal these documents on February 17, dealing a blow to the SEC. The defendants tried to keep these documents under seal, claiming that these documents “contain sensitive information”. He suggests that if Ripple turns out to be right, the company’s fair warning defense could also bolster the case. On the other hand, the situation may not be very encouraging for Ripple, considering that Ripple is knowingly breaking the law.
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