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- United States District Court Judge Analisa Torres denied the SEC’s request to withhold the popular Hinman documents.
- The Hinman documents include a speech by the former SEC Treasury chief in which he said Ethereum is not a security.
- XRP’s price is up over 20% since the verdict, with bulls eyeing $0.5 for XRP.
The Securities and Exchange Commission (SEC) case with Ripple Labs has taken several turns over the past 20 months, with many going the way of Ripple.
Ripple Labs recorded another victory over the SEC on Thursday when US District Court Judge Analisa Torres ruled against the SEC releasing documents of its former director. The SEC has fought against allowing these documents into evidence, with Ripple claiming the documents are fundamental in their case.
The documents, now commonly known as the Hinman documents, refer to a speech by William Hinman, a former director of the commission’s finance department, at Yahoo’s financial markets summit in 2018. At the summit, Hinman stated that the commission did not do view Ethereum (ETH) as a security that Ripple Labs has defended and accuse the commission of targeting the company.
Judge Torres denied the SEC’s request after US District Judge Sarah Netburn ruled in July that the documents were not protected by attorney-client privilege and deliberative privilege. The court’s decision to release the documents turns the case in Ripple’s favor in its assertion that XRP is not a security.
The commission filed a case against Ripple Labs and two directors for raising $1.3 billion through a public offering of securities in December 2020. With summary judgment requests already in place, the end is in sight for a case that has captivated the entire digital asset industry for nearly two years.
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XRP is in full swing
XRP has shown positive signs of a bull run amid reports of its long-running legal battle with the SEC entering its latest act. The price of the sixth-biggest virtual currency surged 20% to $0.503 after the court ruling, and with the second ruling in favor of Ripple in September, the bulls aim to make the $1 mark a new benchmark for XRP and ultimately the $20 mark. Dwarfing Milestone.
To cap the whole day with joy, a false image of Bart Simpsons, a character from The Simpsons predicting the price of XRP at $539 by the end of the year, broke the internet, with many using the joke to hype the bull run to justify. The Simpsons has earned a reputation for predicting notable world events in episodes before they happen in reality.