- U.S. District Court Judge Analisa Torres denied the SEC’s motion to withhold the popular Hinman documents.
- The Hinman documents contain a speech from the former SEC Treasury Division director saying that Ethereum is not a security.
- The price of XRP increased by over 20% since the ruling, and bulls are eyeing $0.5 for XRP.
The Securities and Exchange Commission’s (SEC) case with Ripple Labs has taken several turns over the past 20 months, with many going Ripple’s way.
Ripple Labs registered another victory over the SEC on Thursday when US District Judge Analisa Torres ruled against the SEC publishing documents written by the former CEO. The SEC has fought against admitting these documents into evidence, with Ripple arguing that the documents are fundamental to the case.
The documents, now popularly known as the Hinman documents, relate to a speech given by William Hinman, a former director of the finance division of the commission, at Yahoo’s Finance Market Summit in 2018. At the summit, Hinman stated that the commission does not consider Ethereum (ETH) as a security that has been the defense of Ripple Labs, accusing the commission of targeting the company.
Judge Torres denied the SEC’s motion following a ruling by U.S. District Judge Sarah Netburn that the documents are not protected by attorney-client privilege and deliberative process privilege back in July. The court’s decision to publish the documents swings the case in Ripple’s favor in its claim that XRP is not a security.
The commission filed charges against Ripple Labs and two executives for raising $1.3 billion from an initial public offering in December 2020. With motions for summary judgment already filed, the end is in sight for a case that has the digital asset industry spellbound. for almost two years.
XRP is on a run
XRP has shown positive signs of a bull run amid reports of the protracted legal battle with the SEC heading into its latest action. The price of the sixth largest virtual currency rose 20% to $0.503 after the court’s ruling, and with the second ruling in Ripple’s favor in September, bulls are looking to make the $1 mark a new benchmark for XRP and eventually eclipse the $20 milestone .
To end the day in joy, the internet broke a fake picture of Bart Simpsons, a character on The Simpsons, predicting the price of XRP at the end of the year at $539, and many used the joke to justify the bull run. The Simpsons has gained a reputation for predicting notable world events in episodes before they actually occur.