There was a critical development for the Ripple case. In its long-running battle with the US Securities and Exchange Commission, Ripple has won a victory. The judge presiding over the blockchain company’s SEC case dismissed a request submitted by the securities regulator. Here are the details…
Important development for the Ripple case: The request for the Hinman documents was rejected
SEC vs. Judge Torres, the judge in the Ripple case, refused a request by former SEC director William Hinman to seal all documents related to a speech he made in June 2018. He said the Hinman documents were “forensic documents subject to public access.” Judge Torres ordered the clerk to open all the documents in his order. These included other documents related to Ripple’s XRP sales and other topics covered by the sealing proposals, CryptoLaw reported on May 17. The following statements were included in the document pertaining to the case:
Regardless of whether the court ultimately decides that the Hinman documents are admissible or whether the court relied on the documents in deciding summary judgments, they are judicial documents subject to strong public access because they are ‘relevant to the exercise of judicial function and useful in the judicial process’.
He also added that sealing these documents is not about maintaining “openness and sincerity” within the institution. As we reported on Kriptokoin.com, the SEC filed in December to seal internal emails, messages, and expert reports that followed Hinman’s speech. However, Judge Analisa Torres ruled that these documents were “forensic documents” and should be included.
Ripple CEO: Another victory for transparency
On May 17, Ripple CEO Brad Garlinghouse described this development as “another victory for transparency!” described as. William Hinman said in June 2018 that “current offers and sales of ETH are not securities transactions.” Ripple uses this argument in its fight against the SEC, which accuses the firm of selling unregistered securities. The SEC is doing its best to hide these important related documents and conversations from the public during the trial. Garlinghouse expects a decision by this summer. A win for Ripple will be a big moment for the wider crypto industry. It would also be a blow to the SEC, which is now “over-regulatory.”
XRP price reacted to development
XRP prices are up almost 8 percent over the past 12 hours, reaching $0.46. However, it fell 6.6 percent to $0.45 at the time of writing. XRP has bounced back to the resistance at $0.460, where it was traded at the beginning of May. It hit a local top just under $0.55 at the end of March but failed to sustain its momentum. XRP is down 86.5 percent from its all-time high of $3.40 in January 2018.
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