• Ripple is planning to use Hinman’s speech document to show that the SEC is biased.
• The price of Ripple’s native token, XRP, has been trending for the past 24 hours after a US district Judge Analisa Torres ruled against the SEC’s motion to seal Hinman’s speech-related documents.
• Hinman’s documents contain statements made by the former SEC Director of Corporation Finance, William Hinman in 2018.
Ripple vs. SEC Case
The legal fight between Ripple and US Securities and Exchange Commission (SEC) has dragged on for years now. The final ruling on this case is expected to have a major impact on the entire crypto space.
Judge Ruling Against SEC’s Motion
A US district Judge Analisa Torres recently ruled against the SEC’s motion to seal Hinman’s speech-related documents. This ruling comes months after another judge Sarah Netburn directed the regulatory agency to surrender Hinman’s speech documents to Ripple. After this news was released, XRP surged 5.65% in the last 24 hours and was trading at $0.4458 at press time.
Hinman’s Documents Could Determine Final Court Ruling
The US SEC had filed a motion to seal text messages and internal emails connected to Hinman’s remarks on 22 December last year stating that revealing the documents surpassed the public’s rights to access “irrelevance” records. However, when making her ruling, Judge Torres said that these documents could influence court’s ruling as they contain statements made by former SEC Director William Hinman in 2018 about Ethereum’s Ether (ETH) not being classified as security and preliminary opinions of XRP token.
Previous Judge’s Ruling Upholds This One
Judge Torres‘ ruling upholds previous one made by Judge Netburn who emphasized that SEC can’t seal off these documents since they are crucial for judicial process related to this case.
It remains unclear how significant will be this judge ruling on final court decision but it certainly made investors more optimistic about future of XRP token as its price went up 5% just after news came out about this decision being made public