SEC Faces Setback Against Ripple in Court – XRP Surges Amidst Legal Turmoil
Judge Analisa Torres has dismissed the SEC's second attempt to retain documents related to former SEC Director William Hinman, who previously declared that Bitcoin and Ethereum were not securities.
On September 29, Ripple Labs secured another legal victory against the U.S. Securities and Exchange Commission (SEC) when Judge Analisa Torres ruled on documents authored by former SEC Director William Hinman. These documents pertain mainly to Hinman's June 2018 speech at the All Markets Summit.
In his speech, Hinman stated that Ethereum (ETH) was not a security. Ripple Labs views this as a crucial piece of evidence in the SEC's case against them, which alleges that Ripple’s sale of XRP violated U.S. securities laws.
Judge Torres' decision rejected the SEC's objection to attorney-client privilege concerning these documents, as previously ordered by Judge Sarah Netburn in July 2022. This marks the SEC's second consecutive defeat in trying to access and remove "evidence" related to William Hinman in their ongoing legal battle with Ripple.
Judge Torres agreed with Judge Netburn on EVERY single issue related to the HINMAN EMAILS.
— Jeremy Hogan (@attorneyjeremy1) September 29, 2022
Relevance: Check
Attorney-Client Privilege: Check
DPP: Check
Some days I'm proud of this profession. :)#TurnOverTheEmails https://t.co/KoGrgm953S
Additionally, this positive development from the court follows a recent favorable interaction between Ripple and the CFTC. Ripple CEO Brad Garlinghouse met with CFTC Commissioner Caroline Pham to discuss blockchain knowledge and support the CFTC’s initial efforts in crypto oversight. This meeting has bolstered expectations of Ripple's chances in the lawsuit.
In response to the latest court ruling, XRP experienced a significant reaction, surging 8.82% over the past 24 hours and trading around $0.481.
1H XRP/USDT Chart. Source: Binance
