Judge Decided Legal Advice Ripple Received Should be Revealed

by in Cryptocurrency News

Ripple SEC lawsuit legal advice

According to a ruling by U.S. District Judge Analisa Torres, the advice Ripple got from a law firm in 2012 on whether XRP is a security or not, must be unveiled by February 17.

Related: Judge Asks Whether All People Selling XRP Violated the Law

The question plays an important role in the lawsuit, as the SEC accuses Ripple's executives of implementing an ulisted offering of $1.3 bln XRP assets from 2013 to 2020.

It's certain that Ripple applied for legal advice in 2012, while it was preparing for a launch of a digital currency. The law firm provided two memos to Ripple exploring possibilities for the legal problems that the token launch could cause.

While the SEC argues that Ripple was informed about the risks that XRP might be viewed as a security according to law. Ripple, on the other hand, says lawyers eventually came to the conclusion that XRP isn't a security. The chairman of Ripple, Chris Larsen says regulators present the memos wrongly.

Also, the judge granted Ripple’s request to file a surreply to arguments that the agency raises. Meanwhile, XRP price grew by over 46% in the last 7 days and by around 20% in the last 24 hours. Market cap of the token took over Cardano and Solana. Currently, XRP trades at around $0.9 with a market cap of around $42.6 billion.