Ripple News: The court granted Ripple’s request for the SEC to disclose its cryptocurrency policy. This news marks an important turning point for the fintech firm.
The request of Ripple lawyers to learn about the domestic trade policies of the US Securities and Exchange Commission (SEC) was accepted by the judge of the case, Sarah Netburn. This decision is thought to be very beneficial for Ripple’s defense.
Why should the SEC provide information on the classification of cryptocurrencies?
The court gave a positive decision, saying that the request was closely related to the case. This was reported by Twitter user CryptoLaw with reference to the court order.
The SEC opposes the publication of such data. According to the regulator, these data are not relevant to the case and will not lead to any relevant evidence. However, Ripple believes the opposite. According to the fintech company, the disclosure of internal policies will show how the SEC differentiates XRP from Bitcoin and other altcoins.
Some users believe that the disclosure of this information will play a key role in the lawsuit between Ripple and the SEC.
It is worth noting that the court approved Ripple’s request for information from the SEC on how the regulator classified Bitcoin and Ether (ETH) in April this year. However, later the court did not oblige the regulator to provide documents.
When will the SEC and Ripple lawsuit end?
Still, lawyers doubt the case will be completed by the end of 2021. For example, on June 15, the court granted the SEC’s request for a 60-day grace period. According to attorney Jeremy Hogan, the decision in the case should not be expected before December 2021-January 2022.
The court also allowed Brad Garlinghouse and Chris Larsen to request documents related to their accounts and XRP transactions from 16 foreign crypto exchanges. Therefore, Ripple leaders want to prove that the token sale is carried out only on foreign platforms.