SEC Pushes For Ripple’s Legal Advice On Token’s Status

Law360 (May 21, 2021, 9:34 PM EDT) — The U.S. Securities and Exchange Commission told a New York federal magistrate judge Friday that the advice Ripple Labs received years ago from its lawyers about its signature digital asset’s legal status should be fair game in the agency’s landmark cryptocurrency fight.

SEC attorneys squared off with Ripple’s counsel in court for yet another discovery dispute, this time over the SEC’s bid to force Ripple to turn over documents related to legal advice it received in 2012 about whether the sale of its token, XRP, was legally required to be registered with the securities regulator.

The San Francisco-based company contends that…

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