Continuing Ripple case, the judge rejected an attempt to withhold documents related to the SEC’s Former Director of Finance, William Hinman. Thanks to this, Ripple recorded another win in the company’s ongoing lawsuit with the Securities Exchange Commission (SEC). Here are the details.
Koinfinans.com As we reported, the documents in question relate to a speech that Hinman gave at a summit in 2018 in which he said that Bitcoin (BTC) and Ethereum (ETH) are not securities. Initially, judge Sarah Netburn explained that the email and drafts of the speech were not protected by the negotiation process privilege.
In the final ruling, U.S. District Court Judge Analisa Torres dismissed the SEC’s appeal, stating that Judge Sarah Netburn made no mistake in declaring that drafts of emails and speech were not protected.
In summary, the court persistently requests the documents that the US Securities and Exchange Commission (SEC) wanted to keep in the Ripple case.
The importance of Hinman’s speech
While the SEC accuses Ripple of violating securities laws when issuing XRP tokens, the speech is considered an essential part of Ripple’s evidence. Initially, the SEC objected to the publication of documents referring to attorney-client privilege.
Also, the outcome of the lawsuit is thought to have a potential impact on the value of XRP. Most importantly, the final decision is expected to clarify the controversial classification of cryptocurrencies as securities.
XRP reacts to recent decision
Along this line, if Ripple wins the case, the development for XRP will result in a price increase. For example, after the recent court decision, XRP is trading at $0.48, gaining 11% in the last 24 hours. Commenting on the subject, crypto analyst CryptoDonAlt stated that if Ripple wins, XRP will record “massive rises”:
“XRP is basically a court case. Yesterday’s surge was due to “news” about the case. […] Also, an XRP loss will make other cryptos more vulnerable to attacks, so you better cheer them up.”
Despite the depressed market conditions, XRP is gaining increasing attention from the crypto community. According to a recent report, XRP’s quarterly social activity has reached 1.95 billion social interactions from 9,424 social participants as of September 29, 2022. At the same time, the crypto community continues to bet that the asset will be bullish.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.