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Ripple Labs was successful in its continuing securities fraud action against the SEC. The court refused the SEC's request to see materials that may not have been relevant to the prosecution.
Ripple Labs has prevailed in its dispute against the Securities and Exchange Commission (SEC) due to a judgment that a Ripple community attorney describes as "a huge victory for Ripple."
Ripple and its executives Brad Garlinghouse and Christian Larsen were sued by the SEC in 2020 for selling unregistered securities.
Today, James K. Filan, a Ripple community defense attorney with a long case history in financial and SEC matters, tweeted a summary of the essential parts of Judge Netburn’s refusal to reconsider:
Following Judge Netburn’s order, another Ripple community attorney and creator of CryptoLaw tweeted today to his 191,000 followers, “The SEC is now in a wounded locker.”
Despite the seeming significance of this verdict, the matter is not yet over, and the SEC has two weeks to appeal the decision.
The outcome of this case might determine the future of SEC lawsuits against crypto businesses for the sale of unregistered securities, hence a significant portion of the crypto sector is focused on it.
A victory for Ripple might result in the SEC scaling back its aggressive prosecution against the cryptocurrency sector. However, if the SEC prevails, the floodgates may open and a cottage business for crypto-savvy attorneys would emerge.
