The victory may be in favor of Ripple as a Federal Court Judge has ordered the SEC to turn over Hinman Documents in the ongoing Ripple case. The SEC previously opposed the order back in July, but must now comply with a court order to hand over the documents. XRP price increased 7.4% immediately after the ruling was made.
According to the official court order, The objection was overruled today in court by Judge Analisa Torres. The overruling is a big win for Ripple in the case, helping provide additional evidence to support that its native XRP token isn’t a security.
Judge Torres’ order for the SEC to turn up records from a 2018 speech by William Hinman, who was then the director of the SEC’s Corporate Finance Division, is a significant victory for Ripple Labs.
The SEC asked for clarification and a reversal of Judge Sarah Netburn’s earlier court decision that emails and drafts pertaining to a 2018 speech by the former Director were not covered by the due process privilege.
The documents in question pertain to a 2018 speech by former director William Hinman. In the speech, he argues that Ether was not a security. The SEC previously argued that the comments from Hinman in the documents didn’t reflect the agency’s policy position.
On the other hand, Ripple argues that the internal speech documents are relevant because they “may be used to obtain potential impeachment evidence or to impeach witnesses at trial,” including Hinman, should he testify. Now, these documents mark a potential turning point in the case in Ripple’s favor.
Previously, the community was extremely frustrated when both sides agreed to prolong the lawsuit until 2023. However, this latest development may suggest that an official ruling could be made sooner. XRP price also shows community positivity, XRP is up 7.4% in 24 hours and is currently trading at $0.4802.
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