SEC Vs RIPPLE XRP: A Major Victory For Ripple, Court Denies SEC Claims

Ripple and its defendants achieved a big win in their ongoing legal tussle with SEC when Judge Sarah Netburn denied the SEC’s attorney-client privilege claims over the infamous Hinman’s Ethereum speech. The latest ruling has increased expectations among the XRP holders that they could expect a favorable hearing in the long-drawn legal battle.

Will SEC Obtain Another Extension?

XRP, who is represented by lawyer John Deaton felt that the Commission will be appealing to Judge Torres and expressed hope that she will not overturn the earlier orders. At the most, the Commission could be given a 1–2-week extension to file an objection to this decision.

I actually misspoke. The next step is the SEC asks Judge Torres for a 1-2 week extension to file the objection.

— John E Deaton (206K Followers Beware Imposters) (@JohnEDeaton1) July 13, 2022

John also warned that the Commission could resort to delaying tactics which can prolong the case further. He added that if the court turned down the request for extension Judge Torres could mull over the Commission’s appeal. This will be led by Ripple’s objections to the appeal in 30 days. If Judge Torres upholds Judge Netburn’s decision, SRC will be considering asking Judge Torres to certify the 2nd circuit appeal. However, Deaton highlighted that she might deny this also.

SEC Could Petition DOJ Against XRP?

SEC still has one more option of knocking on the doors of the U.S. Department of Justice (DOJ) for permission to file a Writ of Mandamus. However, this will be a tough proposition.

Deaton also assailed SEC Chairman Gary Gensler and said that he is unaware he has the political capital to pull it off. If the Commission is unable to file a writ or appeal, it will be forced to turn over the documents. However, XRP’s lawyer praised Judge Netburn’s decision and hailed him for his professionalism and patience.

XRP token prices have jumped by just 2% after the latest news. It is trading at an average price of $0.316, at press time. Its 24-hour trading volume has jumped by 5% to stand at $973 million.