🤯 RIPPLE (XRP) VS SEC 17TH FEB 2022 IS MAKE OR BREAK 🤯 CRYPTO SUPERBOWL
🤯 RIPPLE (XRP) VS SEC 17TH FEB 2022 IS MAKE OR BREAK 🤯 CRYPTO SUPERBOWL
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Did Ripple and its two executives Chris Larsen and Brad Garlinghouse know that XRP was a security as they sold billions of dollars worth of the token? This will be the question to which we might finally learn the conclusive answer in a week’s time.
The U.S Securities and Exchange Commission has been in a long and messy legal battle with Ripple since December 2020. It accuses the San Francisco company, and its two key executives, of selling unregistered securities knowingly. Ripple has fought back, claiming that at no time did the SEC issued guidance that would indicate XRP was a security.
But now, the focus has turned. Rather than scrutinizing the SEC’s failure to give guidance, it’s now on whether the third-party legal firms that Ripple consulted all those years ago told the company that XRP was a security.
Last week, Judge Analisa Torres of the U.S District Court in Manhattan ruled that Ripple must unseal the documents showing what legal advice it received regarding the legality of XRP tokens.
Could the memos be damaging to Ripple’s defense? If they are, then the blockchain payments company is doing a great job of hiding it.
In a statement following the latest ruling by Judge Torres, Stuart Alderoty, Ripple’s general counsel, said that the company is eagerly awaiting the unsealing of the memos as they will show “that in 2012 Ripple received a legal analysis that XRP was not an investment contract.”
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