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Could Ripple’s (XRP) Latest Legal Win Be ‘Game Over’ For The SEC Lawsuit?

Could Ripple's (XRP) Latest Legal Win Be 'Game Over' For The SEC Lawsuit?
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Ripple, the company associated with XRP (XRP), has secured another goal in its legal compliance with the US Securities and Exchange Commission by gaining the right to know how the platform determines which cryptocurrency is considered security, CoinDesk reported Tuesday.

What happened: On Tuesday, Judge Sarah Netburn in the Southern District Court in New York allowed Ripple to access SEC minutes and memoranda that “express the agency’s interpretation or views” regarding cryptocurrency, according to CoinDesk (via Law360).

Netburn reportedly said these documents are discoverable and added that Ripple’s discovery was a “terrible” win.

The SEC alleges that Ripple made an unregistered offer of $1.3 billion in securities and has appointed CEO Brad Garlinghouse and co-founder Chris Larsen in its legal proceedings.

Meanwhile, Ripple confirms that XRP is a currency and not an asset class that needs to be registered as an investment.

why does it matter: It may be “game over” for the entire SEC case if Ripple discovers that the SEC has specifically stated that XRP is more like a currency than a security, according to Ripple’s attorney, Matthew Solomon, CoinDesk reports.

Ripple is said to be hoping to find evidence that the regulator at one point identified XRP as similar to it Bitcoin (BTC) and Ethereum (ETH), both currencies are often not accepted as non-security instruments.

XRP is trading up 15.35% at $1.02 at press time. BTC and ETH were trading down 1.3% and 1.8% at $5,8266.06 and $2,097.41 respectively.

See also: China-Controlled Bitcoin Tells Ripple SEC Facing Imminent Litigation

This is the second legal point that Ripple has made in days in its struggle with the SEC. On Monday, Ripple reached an agreement with the regulator to prevent full disclosure of certain private email communications.

Meanwhile, XRP, the token associated with Ripple, surged above the psychologically important $1 level on Monday. The rise was attributed to the abundance of the so-called XRP army by one commentator.

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