Regulatory Update: Ripple Scores Another Victory! Court Rejects SEC's Motion Again, Supporters Gather Outside SEC Headquarters to Protest

Despite the ongoing Ripple lawsuit, the consecutive court hearings seem to be leaning more in Ripple's favor. Recently, the United States District Court for the Southern District of New York once again rejected the motion filed by the U.S. Securities and Exchange Commission (SEC), denying the SEC access to Ripple's legal memos.

Did Ripple Know It Was Touching on Securities Law?

During a phone conference with Judge Sarah Netburn on 5/21, SEC lawyer Jorge Tenreiro affirmed that Ripple's lawyers had indicated to the company that Ripple could have both currency and securities attributes:

They are all old hands, having worked with at least 12 law firms. Assuming they received much advice from law firms and ignored it, they would lose this lawsuit. We must actually reconfirm what Ripple was originally told.

District Court Rejects SEC Motion

According to a document from the United States Southern District Court of New York on 5/30, as mentioned above, the SEC is trying to have Ripple provide relevant legal advice obtained from lawyers, as well as its custodian records, and disclose Ripple's coin transactions and subsequent lobbying efforts after being sued.

However, Judge Sarah Netburn rejected this motion by the SEC.

SEC Lawyer Dugan Bliss Withdraws from Ripple Case

Making things even more difficult for the SEC, Senior Trial Counsel Dugan Bliss is requesting the court's permission to withdraw from the Ripple case. Having worked at the SEC for over a decade, he will be succeeded by lawyers such as Jorge G. Tenreiro, Daphna A. Waxman, Jon A. Daniels in handling the Ripple litigation.

CEO Hints at Going Public

Successive victories have boosted Ripple CEO Brad Garlinghouse's confidence, and he revealed positive news about going public at a recent consensus conference, praising the previously listed Coinbase:

I have great faith in Coinbase, they have been leaders in the U.S. crypto space for many years, and I believe there is a very high possibility of Ripple becoming a public company in the future, but this must come after the lawsuit, we need the regulatory certainty we have been seeking for a long time.

It is well known that Ripple has a large following of believers, known as the "XRP Army." In addition to defending Ripple coins on social platforms daily, they also took action by protesting outside the Washington SEC headquarters on 5/28, with banners including:

• Protect Ripple coins
• XRP Army
• Stop the crypto war
• Ripple coins are not securities
• Cryptocurrency is not a tool for crime