Again, some noteworthy points have taken place in the lawsuit between Ripple (XRP) and the US Securities and Exchange Commission (SEC). This time it is not about filed motions being rejected or petitions being launched, but the legal advice that Ripple would have received from their attorneys. Earlier this month, Jorge Tenreiro had filed a motion to inspect this information. At the request of Tenreiro, a conference call has since taken place between the various parties.
In the case against the SEC, Ripple as a company has naturally enlisted the help of legal firms. According to SEC litigation attorney Jorge Tenreiro, Ripple has been in contact with as many as 12 of these legal firms. This is important because, according to Tenreiro, Ripple’s lawyers have told the company that XRP can be both a currency and a security, which is, of course, confusing. Tenreiro argues in the telephone consultation with judge Sarah Netburn.
Tenreiro also states that Ripple used the legal advice they received to positively influence cryptocurrency exchanges. After it became known that the SEC filed a case against Ripple, many exchanges banned XRP from their platform. That is why it has been of great importance for Ripple to convince exchanges that they are right.
Obviously, Ripple’s camp disagreed with Tenreiro and the SEC’s findings. According to Ripple, the advice they have received from their attorneys is irrelevant to the case and are therefore also pleading with Judge Netburn not to give in to the requests from Tenreiro and the SEC. Judge Netburn indicated that he would come to a decision as soon as possible.