SEC Dealt a Blow As Ripple Notches Another Win in the Legal Battle, XRP Price Soars By 5%

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  • In a recent court ruling, Judge Torres denied the SEC’s motion to seal the Hinman documents, an action hailed by Garlinghouse as a significant stride toward transparency.
  • This ruling marks an important development in the SEC’s case and adds a layer of transparency to the ongoing legal proceedings.

In a major win for Ripple and its XRP token, the company has emerged victorious in a recent court battle with the US Securities and Exchange Commission (SEC) leading to a surge in the value of XRP. In a recent court ruling, Judge Analisa Torres has taken a stance in favor of Ripple Labs. This decision allows the public and interested parties to examine the contents of the Hinman speech-related documents, which could potentially have far-reaching implications for the ongoing legal proceedings involving cryptocurrencies.

Related update: Ripple’s Legal Battle With SEC Continues as SEC Appeals Court Ruling

In June 2018, William Hinman made a notable statement asserting that, in his understanding, the sale and offering of Ether did not qualify as securities transactions. Ripple has relied on this statement as part of their defense against the SEC’s allegations of selling unregistered securities. Throughout the legal battle, the SEC has been attempting to keep these crucial documents and speeches hidden from public view.

Ripple CEO Brad Garlinghouse believes that a verdict will be reached this summer, and a win for Ripple could have significant implications for the crypto industry and be a blow to the SEC’s overregulation.

The filing stated that:

Regardless of whether the Court ultimately determines that the Hinman Speech Documents are admissible, or whether the Court relies on the documents in ruling on the summary judgment motions, they are judicial documents subject to a strong presumption of public access because they are ‘relevant to the performance of the judicial function and useful in the judicial process.

According to the order, the Court has taken a different stance from the US SEC and asserts that the Hinman speech memos are considered judicial documents and should be accessible to the public, as there is a strong presumption in favor of public access.

XRP’s Price Surge

Following the announcement of Ripple’s court victory, XRP experienced a notable surge in its value. The cryptocurrency recorded an 8% price increase, surpassing resistance levels and rallying to a new high. This sudden surge demonstrates the market’s positive reaction to the news. At press time, XRP is trading at $0.4441, this represents a 5.31% spike on the upside within 24 hours.

Allowing the documents to be accessible to the public, also promotes transparency in the regulatory landscape surrounding cryptocurrencies, providing valuable insights and knowledge to industry participants and observers.

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