XRP Soars 8% After Ripple’s Legal Victory Against SEC

Key Points:

  • XRP wins another battle in their legal war with the SEC.
  • Judge Torres denied the SEC’s motion to seal documents regarding a June 2018 speech by William Hinman, former SEC director.
  • A win for Ripple could be a huge moment for the wider crypto industry and a blow to the overregulating SEC.
XRP has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) for some time now. The latest development in this ongoing saga has been a positive one for XRP holders.
XRP Soars 8 After Ripples Legal Victory Against SEC

On May 16, the presiding judge for the Ripple vs. SEC case denied a motion filed by the securities regulator. The motion requested the sealing of all documents related to a speech given by former SEC director William Hinman in June 2018.

The judge, Analisa Torres, denied the motion, arguing that the Hinman documents are “judicial documents subject to strong presumption of public access.” She also ordered the clerk to unseal all exhibits covered in her order, including documents related to Ripple’s sales of XRP and other matters under motions to seal.

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In a filing related to the decision, the judge stated that the Hinman Speech Documents are “judicial documents subject to a strong presumption of public access because they are ‘relevant to the performance of the judicial function and useful in the judicial process’” and that sealing them would not be related to preserving “openness and candor” within the agency.

The SEC had filed the motion to seal these documents in December 2020, but Judge Torres ruled that these documents were “judicial documents” and should be included.

XRP Soars 8 After Ripples Legal Victory Against SEC 1
XRP Soars 8% After Ripple's Legal Victory Against SEC 3

Ripple CEO Brad Garlinghouse hailed this decision as “another win for transparency!” He expects a verdict to be reached by this summer. This ruling, if in Ripple’s favor, will be a significant moment for the wider crypto industry and a blow to the SEC’s overregulating approach.

William Hinman famously said in June 2018 that, according to his understanding, “current offers and sales of Ether are not securities transactions.” Ripple has been using this argument in their fight against the SEC, which has accused the firm of selling unregistered securities.

The SEC has been trying its hardest to keep these crucial documents and speeches related to the case hidden from the public. However, this latest ruling has made it clear that these documents are of public interest and have a strong presumption of access.

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