Ripple prevents SEC from accessing legal concerns regarding XRP

Ripple blocked the U.S. Securities and Exchange Commission (SEC) from accessing legal advice records that the crypto payment company sought or received regarding the securities status of XRP. On May 7, the SEC asked Judge Netburn to provide legal advice from Ripple on whether the bulk sale of XRP complies with federal securities laws. "Ripple claims that communications requested from the SEC are protected by the privilege of the lawyer and his client, this is not waived," US judge judge Sarah Netburn said in a public file today. The SEC claimed that Ripple's understanding of the legal status of XRP will support the ongoing legal war. The agency is issuing Ripple for the sale of XRP worth $ 1.3 billion in ongoing unregistered securities offers. Ripple has denied these complaints since the SEC opened it in December. Jeremy Hogan, partner of law firm Hogan & Hogan, who closely followed the case, tweeted that today's verdict is crucial because the judge says Ripple's subjective beliefs [a] re the XRP's defense of Fair Statement are NOT. . is blocking the road. The SEC wanted to use it to fight the defense. The judge REFUSES the SEC's request to enforce Ripple's production of advisory letters. As the judge stated that Ripple's subjective beliefs about XRP are NOT related to the Fair Disclosure defense, he is blocking the way the SEC must follow to fight the defense. – Jeremy Hogan (@ attorneyjeremy1) May 30, 2021 But Judge Netburn said his result was only about this particular issue: it will prove to be worthwhile. First of all, Ripple asked Judge Netburn to disclose internal notes regarding cryptocurrencies from the SEC. Lawyers believed it would be helpful to find out if the SEC was biased against XRP. Judge Netburn accepted "to a large extent" this request.

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