SEC vs XRP RIPPLE CLAIMS 'VERY BIG WIN' in the Case
Ripple Labs was able to gain a victory against the SEC in its ongoing securities fraud case. The judge on the case denied the SEC’s motion to review certain documents that may not be material to the prosecution.
Ripple Labs has struck a blow against the Securities and Exchange Commission’s (SEC) case after the presiding judge made a ruling that one Ripple community lawyer calls “a very big win for Ripple.”
The SEC filed suit in 2020 against Ripple and executives Brad Garlinghouse and Christian Larsen for selling unregistered securities.
Presiding Judge Sarah Netburn denied the SEC’s request to reconsider shielding documents under privilege related to a June 2018 speech made by SEC’s then-director William Hinman. In the speech, Hinman said Bitcoin (BTC) and Ether (ETH) are not securities.
The SEC previously did not object to those documents falling outside deliberative process privilege (DPP) protection, as it suggested they only concerned Hinman’s personal views and not SEC policies.
The DPP exempts some documents in a case from being disclosed by the government so it can confidentially review existing policy based on the materials of the documents.
The SEC subsequently changed tack to argue the speech reflected Ripple’s policies rather than Hinman’s personal views and should be shielded.
Judge Netburn said the SEC should not contradict itself in trying to flip-flop on its assertions. In her decision, she wrote:
“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 own position.”
Video Chapters:
00:00 - Intro
00:33 - Ripple Claims Win in SEC Case
04:12 - Lukewarm Reaction From XRP Amid "Big Win"
04:40 - SEC Allowed to Redact Meeting Notes
06:30 - SEC Conflict of Interest
07:07 - Reaction & Analysis
11:58 - Final thoughts / Outro
Sources
https://cointelegraph.com/news/ripple...
https://cryptonews.com/news/lukewarm-...