Plenty of XRP holders are bullish already, thanks to the latest update in the SEC vs Ripple case
Cryptocurrency traders today may be looking at their bloody portfolios with tears in their eyes, but the mood in the XRP community couldn’t be more different. Many XRP holders are already partying, thanks to the latest update in the case of the SEC and Ripple.
Ripple takes Hinman hike as court says speech is not ‘agency guidance’
What happened? The court just answered a question the crypto industry has been asking for years. So here is the million-dollar question: was the Hinman Speech – a talk about crypto securities delivered by the SEC’s former Director of the Division of Corporation Finance, William Hinman, in 2018 – an expression of the official’s views or actual agency guidance? Ripple Labs was determined to settle this matter, and now, the court has made its decision.
Hinman’s speech cannot work as a “framework” or “agency guidance.” To that end, Judge Sarah Netburn wrote, “First, the Court disagrees with the SEC that the text of the Speech shows Hinman’s intent to provide a “framework” for Corporation Finance’s approach to evaluating digital asset offerings.”
“The SEC has identified no intervening change of controlling law or any other controlling decisions unaddressed by the Court’s January 13, 2022 Order.”
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 11, 2022
Furthermore, the court rejected the SEC’s request to have it reconsider its ruling on the intentional application of due process privilege to protect SEC notes and emails discussing the speech. The official filing stated, “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 position.”
During the formal clarification, the court added:
“The Speech was not an agency communication, and the deliberations as to its content are not protected by the privilege.”
But before one lucky XRP investor shines, what happens next? Now, the SEC has two weeks to file an objection. For that reason, Judge Netburn’s ruling may not be the final word on the matter – and caution is necessary.
XRP/USD 4-hour chart | Source: TradingView
At press time, XRP has overtaken Solana (SOL) to become the sixth-largest cryptocurrency by market capitalization. Furthermore, the asset saw an increase in active addresses after a period of stagnation from late March to early April. These are all bullish signs. That being said, XRP is trading at $0.7061 after sliding 4.74% over the past day and losing 14.81% of its value over the past week.
Read more:
- There Is Evidence That A Key SEC Official Knowingly Had A Conflict Of Interest During The Initiation Of Ripple Lawsuit
- Ripple Investment Partner Tranglo Launched An All-In-One Business Payment Solution