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A major win for Ripple, as the plaintiff SEC changes its stance on documents relating to William Hinmamâs 2018 speech.
A Major for Ripple
In a most recent ruling in SEC-Ripple lawsuit, magistrate judge Sara Netburn denied the agencyâs request to reconsider the courtâs previous decision concerning SECâs formal official William Hinmamâs 2018 speech.
In the decision the court had ruled that as the documents concerning Hinmamâs speech does not fall under the âdppâ deliberative process privilege and SEC considers content of the speech Hinmamâs 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 âdppâ and should not be made public.
Ruling and Reactions
In the decision Court denied SECâs Motion as it ruled:
âThe 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 Hinmanâs personal views, the SEC cannot now reject its own position.â
This is a very big win for Ripple.
â James K. Filan đșđžđźđȘ90k+ (beware of imposters) (@FilanLaw) April 11, 2022
James.k Filan, part of Rippleâs 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 courtâs 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: âThe SEC is now officially in a hurt lockerâ.
In the meanwhile, Rippleâs 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.
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