- United States District Court Judge Analisa Torres turned down the SEC’s motion to withhold the popular Hinman documents.
- The Hinman documents contain a speech of the former SEC’s Finance Divisional Director saying that Ethereum is not a security.
- The price of XRP spiked over 20% since the ruling, with bulls eyeing $0.5 for XRP.
The Securities and Exchange Commission (SEC)’s case with Ripple Labs has taken several twists in the last 20 months, with many going Ripple’s ways.
Ripple Labs recorded another victory over the SEC on Thursday as United States District Court Judge Analisa Torres ruled against the SEC publishing documents written by its former director. The SEC has been fighting against admitting those documents into evidence, with Ripple claiming that the documents are fundamental in its case.
The documents, now popularly known as the Hinman documents, relate to a speech delivered by William Hinman, a former director in the Finance division of the Commission, at Yahoo’s Finance Market Summit in 2018. At the summit, Hinman stated that the Commission does not consider Ethereum (ETH) as a security which has been the defence of Ripple Labs, accusing the Commission of targeting the company.
Judge Torres rejected the SEC’s motion following a decision by US District Judge Sarah Netburn that the documents are not protected by attorney-client privilege and by deliberative process privilege back in July. The decision of the court to publish the documents swings the case in Ripple’s favour in its claim that XRP is not a security.
The Commission filed a case against Ripple Labs and two directors for raising $1.3 billion from offering securities to the public in December 2020. With applications for summary judgment already filed, the end is in sight for a case that has held the entire digital assets industry spellbound for nearly two years.
XRP goes on a run
XRP has shown positive signs of a bull run amid reports of the long-running legal battle with the SEC entering its final act. The price of the sixth largest virtual currency was up by 20% at $0.503 after the court’s ruling, and with the second ruling in Ripple’s favour in September, bulls are looking to make the $0.5 mark a new benchmark for XRP.
To cap the whole day in delight, a bogus picture of Bart Simpsons, a character on The Simpsons, predicting the price of XRP at the end of the year at $539 broke the internet, with many using the joke to justify the bull run. The Simpsons have garnered a reputation for predicting notable world events in episodes before they occur in reality.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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