After being cornered by the SEC, Ripple wins a major court motion.
What the SEC thinks about bitcoin and Ethereum could be revealed very soon.
The United States Securities and Exchange Commission (SEC) must disclose internal documents about its position regarding bitcoin, Ethereum and other cryptocurrencies, in a legal setback in favor of Ripple Labs Inc., developers of the cryptocurrency XRP.
Several media have echoed the information, coming from a hearing that took place today, April 6, in the afternoon. During the hearing, a telephone connection was allowed for a quorum of 500 people, an amount that was quickly reached. analysts indicate. New York Southern District Court Judge Sarah Netburn ordered in a document that no one but court officials could audio or video record the hearing.
Given the central discrepancy in the case, on whether XRP is a security or a currency, the SEC argued that Ripple is indeed a security, as it was pre-mined and distributed among its executives before being publicly launched, while bitcoin and Ethereum no.
For the record of our readers, from CriptoNoticias we must note that Ethereum was pre-mined through an ICO (initial coin offering), although its nature is, according to the generalized perception, more decentralized.
Apparently, Justice Netburn was not satisfied with the arguments of the attorneys representing the SEC. Given this, Ripple stated that they needed to know what the SEC thinks about bitcoin (BTC) and ether (ETH) and why these cryptocurrencies would not be securities and XRP would.
The lawyers of Ripple Labs Inc. argue that for 8 years the SEC has not raised its voice in this regard, so now they must clarify what has led them to sue the executives of this company. Faced with this allegation, the SEC had recently responded that it was not its responsibility to notify in advance regarding potential infractions of the law, as we reported in CriptoNoticias.
When closing the hearing, the judge ruled that the SEC must show all internal documents and emails about bitcoin, Ethereum and Ripple, but not those where different topics are discussed. This constitutes a small victory for Ripple Labs Inc in a case where the SEC accuses it of having raised $ 1.3 billion in an offering not formally registered.
XRP price breaks the $ 1 barrier
The ordinance in favor of the request of Ripple Labs Inc. may have an effect on the markets of the cryptocurrency XRP, which managed to overcome the barrier of USD 1 in its price today, with an increase of 22%, before this was known. information. Therefore, it is possible that the cryptocurrency will continue to rise in value taking momentum after succeeding in the case against the SEC. It is currently trading at $ 1.06, according to CoinMarketCap.