- Judge Sarah Netburn called out the regulator’s hypocrisy and slammed them for hiding documents in the SEC v. Ripple case.
- Experts argue that the case is heading in a disbarment direction for some SEC attorneys as Judge Netburn questioned their faithful allegiance to the law.
- XRP price could break out past $0.36 in the event of a bullish cross of the 50-day EMA through the 100-day EMA.
The US District Court rejected the US Securities & Exchange Commission's (SEC) request to withhold Hinman documents in the SEC v. Ripple case. Judge Sarah Netburn denied the SEC’s motion citing attorney-client privilege and slammed the agency for failing to act according to a “faithful allegiance to the law.”
Also read: SEC v. Ripple: Defendants and regulator in conflict over expert reports
Court denies SEC’s request to withhold Hinman speech of 2018
On July 12, Judge Sarah Netburn denied the SEC’s motion citing attorney-client privilege and deliberate process privilege. Judge Netburn slammed the regulator for hiding documents that could answer relevant questions in front of the court. She cited the behavior as egregious and said it impugns the agency’s “faithful allegiance to the law.”
The House Financial Services Committee holds an oversight hearing on the SEC Enforcement Division next Tuesday, and Chairwoman Maxine Waters has the opportunity to ask the regulator where their allegiance lies. Roslyn Layton, a senior contributor at Forbes, urged Congress to heed Judge Netburn’s words and ask the SEC whether their allegiance lies with the public and the law or their own personal interest.
Payment giant Ripple centered its defense around Hinman’s market-moving speech that documents the SEC’s failure to provide fair notice to the market on XRP’s status. Since this revelation, the SEC requested to keep Hinman’s emails, speech drafts, calendar and related documents from his tenure under wraps, citing attorney-client and deliberate process privileges.
In her decision, Judge Netburn wrote,
[]...Hinman sought and obtained legal advice from SEC counsel in drafting his speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.
Disbarment of SEC attorneys in the cards?
An XRP proponent, Digital Asset Investor, shared their thoughts on Judge Netburn’s ruling against the SEC and argued that the case is heading toward disbarment for some SEC lawyers. The expert believes these comments from the ruling - “the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law” - indicate the possibility of disbarment of some lawyers on the regulator’s side.
I'm no attorney but is the judge in the SEC vs. @ripple case going in a disbarment direction for some of these SEC attorneys?
— Digital Asset Investor (@digitalassetbuy) July 17, 2022
"suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.” pic.twitter.com/sEXcsfAoyk
XRP price could breakout to $0.45 if this happens
XRP price could witness a bullish breakout to $0.45 if the altcoin prints a 12-hour candlestick close above $0.36. At press time, XRP is changing hands at $0.36. If the second-largest altcoin fails to overcome the resistance barrier at $0.36, it could decline.
FXStreet analysts argue that XRP could undo its gains on one condition. For price targets and more information, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.