It would seem that no other day is complete without a major development in the ongoing case between Ripple Labs and the SEC. In what is the latest such update, the Court has approved Ripple’s request seeking help for getting XRP information from a list of cryptocurrency exchanges based offshore.
The update was first revealed by attorney James K. Filan who noted that the individual defendants’ motion for issuance of Letters of Request for International Judicial Assistance was granted by Judge Sarah Netburn.
“With this motion granted Ripple will add documents that sales of xrp occurred outside USA. Everything outside USA the sec has no jurisdiction over. This helps this part of the case to get dismissed.”
“So, a result of this lawsuit could be learning that while Ripple sales are investment contracts, secondary sales aren’t – meaning that exchanges can relist. Then Ripple will just continue selling outside of the U.S and everything will resume as normal.”
If XRP investors were majorly outside the USA, Ripple could continue to function from the other side of the border. In such a case, it may have to find a solution for cross-border payments if they exclude the USD and the U.S corridor.
90% of the XRP was sold outside the USA and basically away from the SEC’s administration. However, this evidence can only be used in case of a trial.