- Recent court documents reveal that Judge Sarah Netburn insists that the SEC disclose internal documents discussing Bitcoin and Ethereum.
- Ripple hopes to build an argument on the similarity between Bitcoin, Ethereum and XRP.
Last month, Ripple was celebrating one of its many recent ‘mini victories’. In particular, Judge Sarah Netburn granted Ripple access to internal documents on Bitcoin and Ethereum. Back in 2018, the SEC classified the two digital assets as “not securities.” Ripple lawyers believe that these documents can reveal the criteria used by the SEC to differentiate a cryptocurrency from security and use the same to prove that XRP is not a security.
But in a surprising twist, the SEC a few days ago, claimed that those documents were missing. Now, according to court documents shared by a defense lawyer James K. Filan, Judge Sarah Netburn is insisting that the SEC produce these documents and has further highlighted the important things that must be included in them.
— James K. Filan (@FilanLaw) May 6, 2021
These documents offer Ripple a clear chance to prove that XRP is no different from BTC and ETH.
Is the SEC losing its grip on the case?
In the last few days, it has also been reported that the SEC has recruited two veteran lawyers from Chicago to help with the case. The two, Robert MacDonald Moye and Benjamin J. Hanauer have over 15 years of experience each. According to many in the community, these are reinforcements, brought in as the SEC’s case is crumbling.
The same argument has further been applied with Ripple’s latest appointee of a former US treasurer to its board of directors. In this case, the XRP community argues that the new board member must have done her research on the case and would never join the company if the case was swaying against it.
It could mean the SEC just needs more help because Ripple is fighting back hard. Or, it could mean that "someone" decided that there needs to be a new lead counsel. My guess: the older Chicago attorney will be the new lead, as you don't need a 25 yr. lawyer just to "help out."
— yummmmii (@attorneyjeremy1) May 5, 2021
In all this, there is still the issue of the SEC contacting foreign entities without informing Ripple. The judge is still pondering on this, with Ripple arguing that the SEC should not seek foreign help in this case.
However one looks at it, the SEC seems to be grappling while Ripple on the other side looks solid. With each development, it seems Ripple is getting closer to either a settlement or court dismissal.
Ripple (XRP) update
XRP has for the last few weeks been on pause. As a result, earlier this week, it was flipped by DOGE with the meme coin now the fourth largest cryptocurrency in the world. The digital asset has in the last 24 hours dropped 4 percent and is exchanging for $1.60.
During this time, Ripple has released its financial report highlighting XRP’s performance in Q1 2021. In it, the company revealed that sales of the digital asset surged by 97%.
The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.
Additionally, the sales have enabled the company to make strategic partnerships and increase XRP liquidity to improve the ODL experience. According to the report, total net sales climbed from $76.27 million in Q4 2020 to $150.34 million in Q1.