The SEC lost its bid to force Ripple Labs Inc. to hand over documents dealing with the legal advice it received about whether its XRP cryptocurrency falls under federal securities laws, a federal magistrate judge in New York said.
Ripple says that the Securities and Exchange Commission failed to give market participants fair notice that the agency considered its cryptocurrency to be a security subject to registration requirements. The company didn’t waive attorney-client privilege merely by raising that defense, so the SEC can’t get access to Ripple communications involving legal advice, the U.S. District Court for the Southern District of ...