Ripple scores another big win against the US SEC

It has been nearly two years since the US SEC filed a lawsuit against Ripple, the creator of the cryptocurrency XRP, claiming that the project has sold an unregistered security. The SEC also accused Ripple’s executives of fraud, claiming that they misused their project to enhance their own personal wealth.

However, the lawsuit has not gone the way the SEC intended it to, as Ripple managed to secure a number of small victories in the past two years. The latest one was reported mere hours ago, as the US District Court Judge Analisa Torres overruled the SEC’s attempt to withhold the documents involving the speech of the former Division Director William Hinman. Hinman’s speech is deemed highly important, as it was crucial in establishing Bitcoin and Ethereum as non-securities.

Why do the Hinman documents matter?

Ripple believes that the arguments used within the document could benefit its case, and given the fact that the SEC refused to release them, this may very well be the case. However, Judge Analisa Torres ordered the regulator to release the documents.

For the time being, it remains unclear whether the language used in the document will actually be meaningful for the company and its token. There is a considerable amount of confusion involved, due to the circumstances surrounding the speech, as well as Hinman’s actions prior to it.

However, as it could be relevant to the case, Judge Torres decided that the SEC’s objections to the request should be overruled. She declared that the emails and drafts of the speech were not protected by deliberative process privilege, as the SEC previously claimed. The SEC then attempted to take a different route, claiming attorney-client privilege over the documents. This was previously overruled in July.

Judge Torres agreed with Judge Netburn on EVERY single issue related to the HINMAN EMAILS.

Relevance: Check
Attorney-Client Privilege: Check
DPP: Check

Some days I'm proud of this profession. 🙂#TurnOverTheEmails https://t.co/KoGrgm953S

— Jeremy Hogan (@attorneyjeremy1) September 29, 2022

XRP price surges as the SEC’s objection gets overruled

With the SEC seemingly losing the legal battle, many were encouraged to start investing heavily into Ripple’s token. In the last 24 hours, XRP price skyrocketed from $0.43 to $0.50, which was followed by a correction to $0.48, another increase to $0.49, a drop to $0.47, and another increase to $0.48. At the time of writing, XRP price sits at $0.4781, 10.39% higher than 24 hours ago.

As mentioned, the case is still far from over, and Ripple has not achieved full victory yet. It also remains unknown whether the documents that the SEC has struggled so hard to keep hidden will be of actual help to Ripple. But, given everything that has happened, it is understandable why the community seems to be excited about the new development, and why XRP investments are surging.

Related

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