SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

Although Ripple Labs recently filed for a dismissal of the ongoing lawsuit with the Securities and Exchange Commission (SEC), the cryptocurrency company still faces multiple challenges. Despite the recent ruling by Judge Sarah Netburn, which allowed for the discovery of SEC documents on Bitcoin, Ethereum, and Ripple (XRP), the securities agency may have a case over Ripple.

Firstly, the SEC has pushed back against the ruling allowing for the revelation of private documents on the previously mentioned cryptocurrencies by denying having the materials.

Also, new reports show that Judge Sarah Netburn excluded the discovery of internal communications at the SEC in her ruling for Ripple. The regulator has now taken this development as a win. Judge Netburn noted that:

“I am going to authorize discovery both as to exclusively Bitcoin or Ether communications as well as XRP communications between the SEC and third parties. I am not including SEC-to-SEC internal communications in that ruling.”

Former director of the SEC, William Hinman, highlighted the decentralization of Bitcoin and Ethereum networks, stating that the two were digital assets and not securities. That said, any discovery where the SEC drew similarities between the top two crypto-assets and Ripple would be crucial to Ripple’s defense.

Jeremy Hogan, an attorney familiar with the case, noted that the Judge’s ruling was a nuanced decision, adding that it only included SEC and third-party correspondence but not internal documents.

Key XRP Levels to Watch — May 5
Ripple is recovering from its recent dip to the $1.3250 support yesterday, as the broader market momentum remains immensely bullish. A break above the $1.5000 psychological resistance should help the fifth-largest cryptocurrency regain its bullish momentum and push towards the $1.6500 level, once again.

XRPUSD – Hourly Chart

However, an unlikely descent beneath the $1.4000 support level could send the XRP into consolidation between $1.4500 and $1.3800.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $2.3 trillion

Ripple Market Capitalization: $66.2 billion

Ripple Dominance: 2.89%

Market Rank: #5

 

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Ripple CEO Feels Good about the Court Proceeding Against the SEC

Ripple CEO Feels Good about the Court Proceeding Against the SEC

As the legal battle between the US Securities and Exchange Commission and Ripple Labs enters its fifth month, Ripple CEO Brad Garlinghouse, in an interview with Fox Business, noted that he has a good feeling about the progress his company has made in court.

The cryptocurrency provider has succeeded in scoring some legal points against the SEC so far, with Magistrate Judge Sarah Netburn recently granting the company’s motion to compel discovery of private documents.

Garlinghouse has reaffirmed that Ripple (XRP) shares a similar foundational structure (open-source technology) with Bitcoin and Ethereum, as Ripple denies having created the token.

The embattled CEO also highlighted BitPay’s XRP support as an example of how the token is not a security, noting that:

“This is one of the many examples of how XRP is not a security. It’s used as a currency. Ripple has used it as a currency to solve the cross-border payments problems.”

Meanwhile, Garlinghouse and Ripple co-founder Chris Larsen—both of who have been named as accessories in the ongoing case—filed a joint motion for the dismissal of the case earlier this month.

Key XRP Levels to Watch — April 28
Ripple has rebounded modestly from its descent to the $0.95 area and recorded a weekly high around $1.4670 some hours ago. However, the fourth-largest cryptocurrency entered a sideways momentum around the $1.4500 resistance before descending to the $1.3300 area.

XRPUSD – Hourly Chart

We expect a bullish recovery back into the $1.4000 area and higher over the coming hours. If not, we should see renewed declines to $1.2700 or lower.

Meanwhile, our resistance levels are at $1.3800, $1.4500, and $1.5000, and our support levels are at $1.3000, $1.2700, and $1.2000.

Total Market Capitalization: $2.09 trillion

Ripple Market Capitalization: $62.5 billion

Ripple Dominance: 3%

Market Rank: #4

 

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SEC vs. Ripple: SEC wants to Limit Ripple’s Access to Its Internal Documents

SEC vs. Ripple: SEC wants to Limit Ripple’s Access to Its Internal Documents

The Securities and Exchange Commission (SEC) is accusing Ripple (XRP) of “harassment” shortly after its executive won a bargain to gain access to internal documents from the regulatory body.

The documents contain details on Bitcoin (BTC), Ethereum (ETH), and Ripple, where the SEC classifies them as digital currencies. That said, the SEC is striving to restrict access to these documents, arguing that they are irrelevant to the case.

Meanwhile, Ripple won the right to evaluate the SEC’s internal records and communications. The court issued a directive to the Commission to examine thousands of emails of 19 custodians for documents related to Ripple, Bitcoin, and Ethereum.

Although the regulators complied with the order, it restricted access to certain records. The SEC then forwarded a letter to Judge Sarah Netburn on April 21, requesting that the court limits Ripple’s access. The letter noted that:

“It has become evident through the meet-and-confer process that Defendants are seeking to ignore the limitations of this Court’s Order and to mire the SEC in indefinite discovery disputes and, if successful, document review.”

Comments from a Ripple Attorney
Ripple attorney Jeremy Hogan recently revealed a public document citing the SEC referring to Ripple as a digital currency company in 2016. Hogan added that the Commission agreed with FinCen that XRP was just another crypto asset.

Hogan commented that:

“Mellon is an experienced businessman who is the former Chairman of the New York Republican Party Finance Committee. He is a graduate of the University of Pennsylvania’s undergraduate Wharton School 2 of Business and currently serves as an advisor for a digital currency company called Ripple Labs, Inc.”

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Ripple Attorney: Court to Prevent SEC from Obtaining Foreign Ripple-Related Information Via MOUs

Ripple Attorney: Court to Prevent SEC from Obtaining Foreign Ripple-Related Information Via MOUs

James Filan, the attorney representing Ripple Labs and two of its executives, recently tweeted that a discovery conference has been called between the US Securities and Exchange Commission (SEC) and Ripple (XRP) and could swing in favor of his clients.

The conference will address the SEC’s attempts to obtain information from foreign regulators against Ripple to help its case.

The conference is slated to hold on April 30 and will get hosted over the telephone.

The regulatory agency has reportedly made MOUs with regulators in other countries regarding extra data and documents on Ripple that may be relevant to the ongoing case.

Filan also tweeted in the thread that interested individuals may be allowed to join the conference as passive listeners and that the event could admit as many as 4,000 callers. However, he cautioned that any unauthorized attempt to record the event would get investigated, and guilty individuals may be subject to criminal charges.

Finally, the attorney asserted that he expects the court to discontinue the SEC’s attempts to use MOUs to obtain information about Ripple from foreign regulators. He noted that:

“I think there is a decent chance the Court will order the SEC to stop using the MOU requests to get discovery and withdraw any that might be pending.”

Key XRP Levels to Watch — April 21
Ripple appears to be on a healthy recovery from its recent 40% slump over the past seven days. However, the fourth-largest cryptocurrency traded along a descending channel since it touched a three-year high around $1.9600 area. That said, XRP is currently facing the challenge of breaking above the upper-end of the trendline around $1.4500.

XRPUSD – Hourly Chart

Failure to clear this resistance level over the coming hours could trigger a decline to the $1.3000 area.

Meanwhile, our resistance levels are at $1.4500, $1.5000, and $1.6000, and our support levels are at $1.3300, $1.2000, and $1.0900.

Total Market Capitalization: $2.01 trillion

Ripple Market Capitalization: $60 billion

Ripple Dominance: 2.97%

Market Rank: #4

 

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Ripple Surges as CoinShare Launches Ripple-Based ETP

Ripple Surges as CoinShare Launches Ripple-Based ETP

Ripple (XRP) has spiked to a new three-year high to almost $2 as Europe’s largest cryptocurrency investment firm, CoinShare, launches an XRP-focused ETP.

After releasing exchange-traded products (ETP) for Bitcoin, Ethereum, and Litecoin, CoinShares has trained its focus on an XRP ETP. The Europe-based crypto investment firm revealed that the XRP ETP would get listed on the regulated Six Swiss Exchange, and each unit will get backing from physical tokens, just like previous projects.

Despite the ongoing legal issue with the SEC, Ripple continues to see widespread adoption across the globe. CoinShare noted that its decision to launch an XRP-based ETP got triggered by the recent performance of the XRP.

The new ETP will get listed in the SIX Swiss Exchange bearing the ticker XRPL, which got developed by CoinShare’s very own CoinShare Physical.

Each unit of the ETP, backed by the US dollar, will represent 40 tokens at launch and would have a base fee of 1.5% p.a.

Townsend Lansing, Head of Product at Coin, noted that the launch of this product comes amid a frenzied adoption by retailers.

That said, XRPL will be the eighth ETP released by CoinShare and the fourth since the beginning of the year.

Key XRP Levels to Watch — April 14
Ripple is currently consolidating below the $1.9000 resistance level, following a surge to the $1.9637 high yesterday. The fourth-largest cryptocurrency is trading along an ascending channel, as the broader market mood picks up immense bullish steam ahead of the Coinbase IPO.

XRPUSD – Hourly Chart

That said, the cryptocurrency could continue to consolidate and even decline to the $1.7000 level in the run-up to today’s headlining event.

Meanwhile, our resistance levels are at $1.9000, $2.0000, and $2.1000, and our support levels are at $1.7000, $1.6000, and $1.5000.

Total Market Capitalization: $2.2 trillion

Ripple Market Capitalization: $82 billion

Ripple Dominance: 3.7%

 

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XRP Loyalist Files Petition to New SEC Chairman to “end the war on XRP”

XRP Loyalist Files Petition to New SEC Chairman to “end the war on XRP”

An XRP enthusiast, Thomas Hodge, has initiated a petition on Change.org charging the SEC Chairman-designate Gary Gensler to “end the war on XRP.” Gensler is President Joe Biden’s appointee to head the US Securities and Exchange Commission following the end of Jay Clayton’s tenure as SEC Chairman.

The petition narrates that:

“We’re asking Gary Gensler, as soon as is confirmed as Chairman of the SEC, to take a close look at the SEC’s allegations against Ripple Labs, its cofounders, and the harm the SEC’s actions have already – and needlessly – caused to holders of the digital currency XRP.”

The Commission filed a lawsuit against Ripple Labs and its founders, Brad Garlinghouse and Christian Larsen, in December 2020, accusing them of selling illegal tokens. The SEC alleges that the sale of $1.3 billion worth of XRP was made without proper compliance with federal securities laws.

The petition also urged the incoming Chairman to take out time and have a meeting with XRP holders, to understand the true meaning of defending investors at the SEC.

SEC Chairman-designate Gary Gensler.

The petition also requested Gensler to:

“End the Ripple lawsuit and stop the SEC from making up cryptocurrency rules through lawsuits in place of writing these rules properly, with public input and partnership with the US Congress.”

Allegations Against Former SEC Boss
Thomas Hodge’s petition also requested that the SEC Inspector General look into the last-minute decision to file a lawsuit against Ripple by the former SEC boss on his last day in office, alleging that it was done in bad faith. The petition alleged that Clayton and SEC Director of Corporate Finance William Hinman have financial interests in Bitcoin and Ethereum and had close ties with FinTech businesses in China.

In conclusion, the petition demanded that:

“Gary Gensler must end this practice of making policy through lawsuits, sit down with XRP holders themselves and listen to their stories. We want clear rules for everyone, not another SEC chairman picking winners and losers in a regulatory vacuum. And we demand an investigation that fully clarifies whether the SEC was protecting someone else’s interests instead of retail investors when the Ripple lawsuit was filed in December 2020.”

 

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Ripple Price Surges Dramatically Amid Positive Development from Ongoing Legal Battle

Ripple Price Surges Dramatically Amid Positive Development from Ongoing Legal Battle

While Bitcoin struggled to make any headway above the $60k resistance over the week, many altcoins have gained insane bullish momentum, propelling them to new highs. One such altcoin is Ripple (XRP), which posted an impressive climb above the $1 mark for the first time since 2018. The recent spike also helped the cryptocurrency reclaim the number four market cap spot.

Ripple’s recent rally got partly triggered by a recent positive development in its ongoing legal battle with the SEC. The blockchain-based company got granted the rights to access the SEC documents “expressing the financial regulator’s interpretation or views” about cryptocurrencies.

John Deaton, a well-known cryptocurrency lawyer on Twitter, revealed that Magistrate Judge Sarah Netburn granted Ripple’s motion, which asserted that the US Securities and Exchange Commission cryptocurrency-based memos are discoverable.

Judge Netburn also ruled that Ripple’s staff-to-staff emails are not necessary to the case and do not need to get released in court.

That said, Ripple has been on a bullish roll even before the court ruling and has jumped by about 100% since April 4. Naturally, the cryptocurrency’s market capitalization has seen a significant spike and has helped XRP recover the number four position.

Key XRP Levels to Watch — April 7
Ripple appears to be taking a breather from its recent massive rally and has fallen below the highly-coveted $1 mark. The fourth-largest cryptocurrency is now trading around the $0.9000 psychological support where some dip buying could likely occur over the coming hours.

XRPUSD – Hourly Chart

Our bullish reversal bias is backed by the emergence of a double-bottom pattern, which will get confirmed with a sharp rebound. This rebound could send XRP back above the $1.1 area over the coming hours and days.

Meanwhile, our resistance levels are at $0.9500, $1.0000, and $1.0500, and our support levels are at $0.9000, $0.8500, and $0.8000.

Total Market Capitalization: $1.93 trillion

Ripple Market Capitalization: $43 billion

Ripple Dominance: 2.22%

 

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Ripple vs. SEC: XRP Holders Receive Court Approval to Intervene

Ripple vs. SEC: XRP Holders Receive Court Approval to Intervene

Ripple (XRP) has gotten a breather in its ongoing legal battle with the US Securities and Exchange Commission (SEC), following the decision by District Judge Analisa Torres to allow XRP holders to intervene in the case.

According to recent reports, about 6,000 XRP holders petitioned to participate in the ongoing court case between Ripple Labs and the SEC. John Deaton of Deaton Law Firm LLC, and an XRP investor, filed a motion asserting that the ongoing lawsuit would affect holders/investors and not just the company behind the cryptocurrency.

The US court in New York authorized Deaton’s decision to file a motion to intervene. The court order reads that the motion must get filed on or before April 19. The court order added that after the submission the Commission has until May 3 to issue a counter-response.

Interestingly, the court approval to Deaton’s motion comes after the SEC filed an amended complaint, which noted that it would be “logic-bound to allow all investors and interested members of the public with differing viewpoints to intervene in the underlying actions.” The SEC added that the approval would “create an avalanche of claims and near-certainty of undue delay, complexity, and confusion.”

Key XRP Levels to Watch — March 31
Following a sharp rebound from the $0.4500 support level last week, Ripple appears to have fallen into range-bound momentum over the past few days. The seventh-largest cryptocurrency is currently consolidating between the $0.5800 and $0.5400 price points and faces a real risk of falling below the lower end of the pivot zone.

XRPUSD – 4-Hour Chart

That said, we could see a mild price climb to the $0.5600 resistance over the coming hours, followed by a slide to the $0.5400 support or lower.

Meanwhile, our resistance levels are at $0.5600, $0.5700, and $0.5800, and our support levels are at $0.5400, $0.5250, and $0.5100.

Total Market Capitalization: $1.84 trillion

Ripple Market Capitalization: $25 billion

Ripple Dominance: 1.36%

 

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Judge Netburn on Ripple vs. SEC: Ripple has a Currency Value

Judge Netburn on Ripple vs. SEC: Ripple has a Currency Value

Jeremy Hogan, a partner at Hogan & Hogan law firm, recently noted that new comments from a magistrate judge in the United States District Court for the Southern District of New York were in favor of Ripple Labs in its ongoing case with the US Securities and Exchange Commission (SEC).

According to a transcript of a YouTube video posted by Hogan, Magistrate Judge Sarah Netburn noted that XRP had “a currency value,” opposing claims by the SEC that Ripple (XRP) was a security.

Hogan quoted Netburn saying:

“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from Bitcoin and Ether.“

He added that:

“First, no matter what the SEC might try to argue, a currency and a security are by definition inapposite. A currency can be used to procure things of value. A security is an ownership interest in a common enterprise – they are two different things.”

Meanwhile, Hogan recounted that “about halfway through the hearing,” Judge Netburn argued with the SEC attorney that according to his theory, everyone who sold XRP was selling illegal security. However, the attorney refuted this assertion, noting that under section 4 of the securities law, only Ripple and its affiliates could have sold XRP illegally.

Hogan noted that this clarification is significant because it means exchanges that delisted XRP could get approval from the SEC to list XRP again.

XRPUSD – 4-Hour Chart

Key XRP Levels to Watch — March 24
Ripple appears to be on a steady upward trending momentum, as the cryptocurrency touched the $0.6000 psychological resistance for the first time since late February. That said, XRP is currently in a rebound from a mild correction from the $0.6 level.

We expect to see a bullish continuation in XRP over the coming hours and days to the $0.6 and level higher. However, failure to clear the $0.5700 resistance over the coming hours could send the cryptocurrency into a range-bound momentum with the $0.5400 support.

Meanwhile, our resistance levels are at $0.5700, $0.5850, and $0.6000, and our support levels are at $0.5500, $0.5400, and $0.5250.

Total Market Capitalization: $1.75 trillion

Ripple Market Capitalization: $25.2 billion

Ripple Dominance: 1.44%

 

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Argument Ensues Over the Relisting of XRP Following Friday’s Hearing

Argument Ensues Over the Relisting of XRP Following Friday’s Hearing

The hashtag #relistXRP continues to trend on Twitter and other social media platforms and is currently driving XRP prices higher. At press time, XRP is trading up by 15%, around $0.6000.

Following last week’s discovery hearing in the case between the Securities and Exchange Commission (SEC) and Ripple Labs, which produced two “surprise sensations” in favor of Ripple, XRP enthusiasts are hopeful that the cryptocurrency could get relisted on exchanges that cater to American traders.

An attorney for the SEC stated at the hearing that “only Ripple and affiliates of Ripple” could technically be involved in the alleged sale of illegal XRP. The attorney, Jeremy Hogan, noted that exchanges that delisted XRP in January were not in violation of any securities laws and would not be violating the law if they offered XRP sale once again. Hogan surmised that the SEC might have received several requests for clarification on the issue from several exchanges.

That said, the SEC is yet to make any official comment on the issue. However, that did not stop the #relistXRP from trending globally.

“Ripple Doesn’t Control Coinbase”
Jeremy Hogan repeated his “only Ripple and affiliates of Ripple” via a tweet earlier today, clarifying that the term affiliate is defined in Rule 405 of the Securities Act of 1933. According to this rule, an affiliate is a “person (or entity) that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with.”

Hogan also tweeted at Coinbase, asking the exchange if Ripple controls it. However, he got interjected immediately by a popular attorney in the XRP community, Jesse Hynes, who argued that “an exchange is a dealer, and thus not exempt from Section 5”. Hogan responded to this interjection by saying that:

“Even IF they are considered a broker-dealer, the SEC already put on the record in response to Deaton’s notion that there has been no legal determination of XRP’s “status.” So, the exchanges behinds are covered either way now. PS. Hi Jesse! Have a great week!”

Nonetheless, Hynes argued again with Hogan’s response, noting that the SEC’s lawsuit has ticked exchanges off to the possibility that they may be dealing with unregistered security.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.