The month of April didn’t start off well for Crypto as along with Bitcoin, Ethereum, and other altcoins, XRP to0 has declined. Ripple is having a tough time since the day Ripple vs SEC case started and it’s finding no end with the case being dragged for too long now.
Court In Favor Of Ripple
Ripple, the cross-border payment firm now witnesses another big win against its ongoing legal war with the United States Securities and Exchange Commission (SEC).
This win came after the judge, Sarah Netburn, insisted that the Securities Exchange and Commission had to release Hinman’s email. Judge Sarah Netburn has denied any reconsideration for SEC in regards to the deliberate process privilege (DPP) ruling. This definitely a big win for Ripple, claims former federal prosecutor, James K via tweet.
The court has now instructed the SEC to release the email along with a draft of the Ethereum speech that was given by former top SEC official William Hinman among other documents. When looking back in 2018, at a conference in San Francisco, Hinman had said that Ether, the native token of the Ethereum network, wasn’t a security.
Moving further, the SEC claimed that these documents are being protected by the DPP. However, the court objected saying the emails were neither pre-decided nor deliberative, after which Ripple appealed for reconsideration and clarification challenging the decision.
In the most recent proceedings, the judge claimed that the SEC is looking to minimize the fact that it has always stayed away from the speech. The SEC considers that cryptocurrency regulations occur separately and also in parallel to speech.
Now the court has quoted that the Hinman speech was not an agency communication and that’s the reason deliberations are not protected by DPP. But if the emails contain an essential link to agency deliberations, then the SEC may not submit that email draft.