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Ripple has received yet another favourable ruling by the District Court for the Southern District of New York. This ruling denies the US Securities and Exchange Commission (SEC) access to the firm’s legal communications. Ripple (XRP) has jumped over 13% since the news broke and is currently trading at $1,02.

At the beginning of May 2021, the SEC filed a motion, requesting access to all legal documents discussing any legal advice Ripple sought or received regarding the sale of XRP, and whether they would be subject to federal securities laws.

Judge Netburn denied the SEC’s motion, citing attorney-client privilege. Judge Netburn further added that Ripple’s subjective beliefs regarding XRP are not relevant to the Fair Notice defense being used by Ripple. Legal experts consider the recent ruling extremely important for Ripples’ defence.

It appears that Ripple is optimistic, despite the high-profile lawsuit against them. Ripple CEO, Brad Garlinghouse, recently said that the blockchain payments company wants to go public, once its legal battle with the SEC is resolved.

In an interview during the Consensus 2021, Garlinghouse said:

“I think that the likelihood that Ripple is a public company is very high at some point. I think in the middle of an SEC lawsuit, you know we need to get that closed out and the SEC approves an S1, it’s easier to do that after you have closure and clarity and that regulatory certainty we have been seeking for so long.”

Feature image by Hashant Services from flickr

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.