Ripple’s clash with the US Securities and Exchange Commission persists. The company has gained some lead, but the struggle with the American watchdog is far away from ending.
Yesterday the court supported Ripple and blocked the SEC’s access to documents with the conclusions of legal consultations of the company. The commission submitted an application to the court for clearance to examine the documents on May 7. The watchdog asserted that these documents may contain consultations on the legal position of the XRP token. If the documents disclosed confirmation that the cryptocurrency actually represents securities, the Commission could use this statement to defend its stance in court. This time around, however, the SEC did not manage to get what it wants.
Nevertheless, it is too early to celebrate – Judge Sarah Netburn stressed that the court sided with Ripple only on this matter, but this does not imply that it will continue to stick to its support. However, the company’s legal team are ecstatic and consider that even this small victory is a crucial victory. As we have observed in the past litigations, the SEC typically gets what it aims and leaves those it pursues with exorbitant fines at best, or even with no pants at all.
