- The US SEC hit Ripple Labs with a brief arguing that Hinman’s speech is irrelevant to any case claim or defense.
- The SEC argues that speech documents are pre-decisional and reflect personal opinions of the staff rather than agency policy.
- XRP price yielded 5% gains for holders overnight, fueling bullish sentiment in the community.
The SEC has filed a brief on the Hinman speech as its legal battle against Ripple drags on. The US SEC is fighting back in its lawsuit against Ripple Labs and arguing that the Hinman documents Ripple lawyers want brought into evidence are irrelevant to the case. The documents, from legal experts in the SEC, were used to inform Hinman’s speech arguing cryptos should not be treated as securities.
Also read: Three signs that XRP is a hot buy as Ripple bags another win against SEC
SEC v. Ripple lawsuit drags on
The US Securities and Exchange Commission has filed yet another brief in its battle against Ripple. The SEC is arguing that speech drafts are irrelevant to any claim or defense in this case. The SEC is claiming that the deliberative process privilege protects the documents. Further, the SEC still has yet to disclose drafts of a 2018 speech by former director William Hinman.
While the SEC attempts to shield William Hinman’s speech-related documents, XRP holders are bullish on a positive outcome for the lawsuit. Judge Netburn ruled in favor of Ripple’s motion requesting to serve non-party subpoenas to authenticate seven videos of SEC officials’ public remarks. The SEC has yet to authenticate the video and its contents.
James Filan, defense attorney, shared an update on the SEC v. Ripple case and informed the XRP community that,
The SEC has filed its Reply Brief in Further Support of its Objection to Magistrate Judge Netburn’s Orders Compelling the SEC to produce the Hinman Speech Materials.
Hinman’s speech has emerged as a major argument and disagreement between the SEC and Ripple, and the defendant seeks to bolster its fair notice defense.
XRP is ready to breakout, argue analysts
Meanwhile, analysts evaluating the XRP price trend have revealed a bullish outlook on the altcoin. Analysts at FXStreet argue that the XRP price is ready for a run up to $0.96. A decline below $0.37 could invalidate the bullish thesis.
If bulls push XRP price above the $0.41 barrier, a climb to $0.48 and $0.96 is likely. This marks a 150% rally in XRP price.
XRP-USDT price chart
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
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: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.