Late last year, the U.S. Securities and Exchange Commission (SEC) filed suit against Ripple and senior executives, alleging that XRP is a security. At a hearing yesterday, U.S. Magistrate Judge Sarah Netburn granted a large part of the defendant’s motion that the SEC disclose papers “expressing the agency’s interpretation or views” on cryptocurrency, Law360 reported. However, Ripple made a damaging disclosure last week.
In yesterday’s hearing yesterday, the Ripple defendants are looking for some reference by the SEC that XRP is similar to Bitcoin and Ether, which are both not deemed securities.
The judge said these SEC documents are likely discoverable, but both sides can still argue about specifics. However, she distinguished between staff-to-staff SEC communications that do not need to be produced and SEC minutes and memos that are likely to be produced.
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