In a statement issued by Fox Business, Ripple General Counsel Stewart Alderoty stated that two documents from 2012 show that the cryptocurrency XRP has not been viewed as an unregistered security.
It is baffling that it took so long for the SEC to express its contradiction to this legal analysis.
We look forward to public access and sharing of these documents as we continue to vigorously advocate for this case.
In 2012, Ripple co-founder Chris Larsen, named as one of the defendants in the SEC lawsuit against him and Ripple, sought legal advice about controversial cryptocurrencies during the company’s first year in existence.
The two memos were issued by an undisclosed law firm.
While the SEC asserts that Ripple was well aware of the fact that XRP is an unregistered security and deliberately chose to violate the law.
US District Judge Annalisa Torres dealt a blow to the defendants by issuing a court order to release the relevant notes yesterday, February 17th.
The defendants struggled hard to keep the documents in question sealed, arguing that they contained sensitive information.
Either side can gain significant support from making documents public.
If Ripple turns out to be on the right side, it will surely bolster its pivotal defense of fair notice and conduct toward the company.
And if the documents show that Ripple intentionally decided to violate the agency’s laws, it would be a major blow to its case against the SEC.
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