- Magistrate judge puts a dent in the SEC’s legal strategy in the ongoing Ripple-SEC lawsuit.
- XRP investors react positively to the development as XRP’s price is up just over 2%.
- In related news, the SEC has opened a class action lawsuit against Solana Labs.
The multi-year-long lawsuit between the US Securities and Exchange Commission (SEC) and Ripple (XRP) had a recent development that has seen the Magistrate’s judge put a dent in the SEC’s legal strategy.
The Magistrate’s judge, Sarah Netburn, denied the SEC’s attorney-client privilege claims. According to the judge, “the predominant purpose of the communications was not to provide legal advice.” As a result, the SEC is being forced to produce the latest documents that have been requested in the lawsuit.
This latest development seems to have some effect on the price of XRP as investors react positively to the development. The price of XRP is up just over 2% in the last 24 hours, taking its price up to $0.3186 at the time of writing.
Along with XRP, several tokens also saw a slight surge in the past 24 hours. This includes BNB (1.79%), ETH (0.65%), and SOL (<1%) Meanwhile, ADA is down by 0.32% over the past day but is up by 0.93% in the last hour.
In related news, the SEC recently expanded its slope of attack by turning its aim at Solana. The SEC filed a class-action lawsuit against Solana Labs at the California federal court last week. The lawsuit accuses Solana Labs of making illegal profits and promoting its token, SOL, as an unregistered security.