Reportedly, the discovery that was scheduled for 6th April between Ripple and Security and Exchange Commission has been won by the former. The court has ordered for a disclosure of the commission’s internal documents regarding discussion on whether XRP coin is similar to Bitcoin and Ether.
Some interesting progress has been made in the ongoing SEC versus Ripple lawsuit which has tremendously impacted the price of XRP. Since the inception of the lawsuit in December last year, this telephonic discovery hearing between the two parties has been very crucial. Ripple was asking for access to these very critical documents related to Bitcoin, Ethereum, and its own token, XRP. It also asked for documents regarding their classification of how they are securities or not securities in the case of Bitcoin and Ether.
Judge Sarah Netburn has finally granted access to Ripple so this is like a milestone for the Ripple in its battle against SEC. The Judge held that she was going to grant the defendant’s motion in large part also observing that it was a high-stakes win. She then ordered the commission to produce documents related to Bitcoin and Ether wherein it has drawn their comparison with XRP token.
It was also clarified by the judge that the SEC’s internal correspondence between members of staff was not required for the purposes of disclosure. Nonetheless, all documents including memos and minutes that expressed the Commission’s views and interpretation on the digital assets were likely to be discoverable.
SEC had alleged that XRP was a security while Bitcoin and Ether were not, so Ripple wanted to get hold of this critical information. They wanted to get their hands on everything regarding how SEC was classifying XRP to be a security while the others as non-securities. Therefore, the court’s decision with respect to the disclosure of all such documents and meetings is almost a total win for Ripple. This shall help Ripple in its main case with SEC.
The discovery hearing also made some other interesting revelations regarding Bitcoin and Ether too. It was clarified that the official position of the SEC regarding Bitcoin and Ether was not that they are non-securities. In fact, the whole Bitcoin Ether are non-securities was actually said in a speech but not in any official statement.
From the overall discovery hearing, it seems that the case Ripple is representing is a very strong one. The things Ripple has access to now after the hearing are very strong and crucial, and can be put against the SEC.
This discovery order in favor of Ripple is also expected to positively impact the price of XRP. Already this week Ripple’s XRP went past the $1 cap for the first time in 3 years as its value touched $1.09. This comes at a time when some other crypto tokens are also experiencing new all-time highs.