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23 April 2021

XRP just got an edge in the ongoing Ripple v. SEC lawsuit | CryptoSlate

XRP just got an edge in the ongoing Ripple v. SEC lawsuit | CryptoSlate


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The SEC had last yearalleged that XRP tokens, which are used to transact on the Ripple network, were a security and hence liable to US laws.

Magistrate Judge Sarah Netburn said the ‘high-stakes’ discovery win would allow Ripple to access and assess information about how Bitcoin and Ethereum are legally considered in the US.

Bitcoin and Ethereum are notofficiallycalled securities in the US, but they continue to exist and operate in a legal gray area.

Counsel Matthew Solomon, who represents Ripple co-founderBrad Garlinghouse, said in a statement that if they found information that suggested the SEC thought XRP was akin to Bitcoin or Ethereum, it could signal “game over” for the whole case.

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