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Judge Hands Ripple Another Legal Win by Granting Access to SEC's Internal Trading Policies

Wed, 23/06/2021 - 17:55
Judge Hands Ripple Another Legal Win by Granting Access to SEC's Internal Trading Policies
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Ripple's request to obtain the U.S. Securities and Exchange Commission's internal trading policies has been granted by Magistrate Judge Sarah Netburn. 


The court has opined that the request has met "the low bar for relevance": 

The Court finds that the information sought meets the low bar for relevance, including potentially with respect to the claims against the Individual Defendants

The SEC argued that its employees' internal trading policies were "irrelevant."

However, Ripple claimed that it was important to see the distinction the regulatory watchdog had drawn between XRP and other digital assets: 

The SEC’s treatment of the trading in digital assets, including any distinctions it draws between XRP and other digital assets, is directly relevant to show the SEC’s own perspective on digital assets, which is relevant both to the applications of the Howey test and Ripple’s fair notice defense.          

Ripple vs. SEC Battle Interim Results: Who Is Winning for Now?

As reported by U.Today, the SEC is also reluctant to hand over its internal communications related to Bitcoin, Ethereum, and XRP, which has proven to be one of the most contentious discovery disputes in the case.

This prompted accusations of non-compliance from the defendants given that the court has already issued two orders to produce the aforementioned documents.       

Earlier this month, the judge also granted the SEC's request for a 60-day discovery extension in the Ripple case.

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