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SEC Restrategizes Its Approach to Ripple in Ongoing Lawsuit 5 hours ago by Steve Muchoki · 3 min read Photo: Shutterstock You have successfully joined our subscriber list. As the SEC pushes for foreign regulators to join forces against Ripple, the case is likely to take a different stance before the final ruling. After the Securities and Exchange Commission (SEC) was directed to reveal its internal documents on crypto communications in a pre-trial ruling against Ripple and the top management earlier this month, the regulator has now changed tactics to counter the defendant. According to a joint letter to US Magistrate Judge Sarah Netburn filed on April 16, the lawyers representing defendants noted that the SEC was pursuing discovery outside the scope of the Federal Rules and the Hague Convention by improperly leveraging Memoranda of Understanding (“MOU”) with foreign regulators. ....
Analysis When the United States Securities and Exchange Commission filed legal action against Ripple Labs and its top-two executives in December, alleging that its XRP coin was in fact a security and that the firm had raised over $1.38 billion through an unregistered securities offering in 2013, many wondered if XRP would even survive. As of mid-April, XRP had increased 532% over the previous 12 months, and things also took a favorable turn recently in the SEC lawsuit, with the defendants prevailing in two discovery rulings even turning the tables on the regulatory agency by winning access to the SEC’s internal memos and minutes with regard to crypto discussions. “The SEC Is Now On Trial – And Knows It,” sounded Forbes. ....