Back in late 2020, the Security and Exchange Commission (SEC) charged Ripple and two of the executives with accumulating nearly 1.3 billion dollars through selling unregistered digital securities. The unregistered digital security is the XRP token, and the lawsuit that ensues the accusation involved the question of whether or not XRP is a security in the view of the federal laws. After more than a year, Ripple is moving towards a great win against the SEC in light of the recent developments of the case.
Previously, several documents from the SEC have been demanded by the defendants in order to establish a firm ground in the lawsuit. However, the SEC claimed that these documents are protected from coming to the court on the grounds of the deliberative process privilege. This privilege is offered to documents and other materials that might expose vital information regarding the policies and decisions of the government. The severe exchange of words in the courtroom and examination of documents has ended in a win-win situation where Judge Sarah Netburn allowed deliberative process privilege to all the documents of SEC, except for two aspects. The SEC failed to establish the privilege for the notes by the members of the staff and spoken communications.
The order from the Judge on the 13th of January demanded the Security and Exchange Commission to produce the documentation by 27 January. However, the SEC has filed two motions recently. One of these motions requests the court to postpone the deadline to 17 February. The second motion is filed to Judge Torres seeking a 21-day window to file a request for objection. Because, once Judge Netburn gives her judgment, the regulating body will only have two weeks before they file a request for reconsideration.
These two motions from the SEC have given hope that Ripple is marching towards a great victory against this governmental body. Read this XRP price prediction from CryptoNewsZ.com to figure out the best times for investment in Ripple.
Attorney Jeremy Hogan says that the payment firm’s lawsuit against the Security and Exchange Commission is expected to get resolved by April 2022. Because the documentation of spoken communications, reportedly, contains the personal opinion of the director of the SEC that considers Ether to be not eligible to be a security.
The order for the removal of William Hinman from the Security and Exchange Commission gives the idea that the court has so far been in favor of Ripple. These positive signs have really pushed the value of XRP in recent times. If the Project manages to pull off this feat by the speculated time window, it would not just be a rally in price but in its popularity as well.