U.S District Court has declined SEC’s request for a legal advice submitted by embattled crypto network Ripple, according to Cointelegraph. The legal advice memo discusses XRP sales with the company lawyers.
The court’s ruling is a win for Ripple which has sought to dispel assertions by the SEC that XRP coins should be classified as securities under the federal law.
SEC alleges that Ripple could have been informed that XRP is a security by its lawyers before selling the token in 2013.
The District Court sided with Ripple, citing attorney-client privilege which the firm complied despite waiving it in particular circumstances
The court’s ruling also considered that SEC did not comply with the rule of fair notice after an eight-delay in seeking enforcement against Ripple.
Ripple has consistently won cases against SEC, including request to access the regulator’s discussions about cryptocurrencies in April.
Ripple plans to list publicly after settling legal battles with the SEC
Ripple reacts to news of a court case win. XRPUSD is up 11.80%
