Kiffmeister’s #Fintech Daily Digest (04/10/2021)

XRP Price Shoots 12% As Judge Denies SEC Access to Ripple Finances

XRP has continued to soar after Ripple’s motion was granted to keep the financial records of CEO Brad Garlinghouse and his predecessor Chris Larsen private from the U.S. Securities and Exchange Commission (SEC) lawsuit against the firm. The case hinges on the classification of XRP as a security (i.e. a financial asset from which the investor intends to profit), as opposed to a currency or medium of exchange. By failing to file a securities registration statement or seek special exemption, the SEC is accusing Ripple of violating multiple sections of the Securities Act of 1933. Earlier in the week, Ripple had won another skirmish when it was granted permission to get access to the SEC’s documents related to its exemption of Bitcoin and Ethereum from being given “security” status.