A major win for Ripple, as the plaintiff SEC changes its stance on documents relating to William Hinmam’s 2018 speech.
A Major for Ripple
In a most recent ruling in SEC-Ripple lawsuit, magistrate judge Sara Netburn denied the agency’s request to reconsider the court’s previous decision concerning SEC’s formal official William Hinmam’s 2018 speech.
In the decision the court had ruled that as the documents concerning Hinmam’s speech does not fall under the ‘dpp’ deliberative process privilege and SEC considers content of the speech Hinmam’s own views and not that of the agency, documents should be provided to relevant entities, namely Ripple.
In response, changing its stance on the documents, the SEC filed a motion with the court to reconsider the above stated ruling. As the agency stated that the documents do fall under the ‘dpp’ and should not be made public.
Ruling and Reactions
In the decision Court denied SEC’s Motion as it ruled:
“The SEC seeks to have it both ways, but the Speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its own position.”
This is a very big win for Ripple.
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 11, 2022
James.k Filan, part of Ripple’s legal team, considered the decision a very big win for Ripple. John E Deaton, founder of CryptoLaw, also reacted to the ruling. He stated that the court’s decision is a win for the entire judicial system, not only for Ripple. Deaton noted that after the March 2021 Court hearing he had said that they are lucky to have Sara Netburn as Judge. Lastly he Deaton wrote: “The SEC is now officially in a hurt locker”.
In the meanwhile, Ripple’s native XRP, on April 12, fell to $0.68. The lowest level aice February 24. Currently trading at $0.72 XRP is up 1.9% in the past 24-hours and down 7% over the week.