Huge win for XRP – SEC’s motion to reconsider DDP decision is denied

Huge win for XRP - SEC's motion to reconsider DDP decision is denied

The Ripple vs. SEC case continues and another significant victory for the XRP coin issuer. Could it be that the win is getting closer?

SEC application rejection

In the last material on the battle fought between Ripple and the SEC, titled “SEC vs. Ripple: Another document proves XRP is not a security”, we reported on Perkins Coie’s opinion submitted to the then Director of the Division of Corporation Finance on behalf of the SEC, William Hinman. The document was a sort of legal advice to Ripple, which was supposed to be of interest to the official himself at the time. Three months later, there was a speech he gave at a conference in San Francisco in which Hinman stated (presumably based on this information) that Bitcoin and Ether are not securities. However, the SEC distances itself from his statement by suggesting that it was merely a meaningless private opinion. Interestingly, the court shows a slightly different attitude here.

Judge Sarah Netburn ordered the SEC to include among the trial documents an email with a draft of Hinman’s speech on Bitcoin and Ethereum. The Securities and Exchange Commission’s argument here was that such documents are protected by DPP (deliberate process privilege) because Hinman’s speech reflects the office’s policy. DPP is a form of exemption for the government from disclosing certain documents in a case. This is to ensure their confidentiality.  However, the judge found that the views of officials are not protected by such a privilege. She also found that the emails “were neither pre-decisional nor deliberate.”

Because SEC officials express varying views on Hinman’s statements depending on the situation, Judge Netburn wrote in her decision:

“The SEC tries to have it both ways, but the speech was either intended to reflect agency policy or it did not. By insisting that the speech reflected Hinman’s personal views, the SEC cannot now reject its own position.”

Former federal prosecutor James K. Filan says this is a very big win for Ripple.

For now, the SEC has a chance to appeal this decision. There are two weeks to do so. Otherwise, Ripple will have a very strong argument on its side, which it has been fighting for a long time and which may speed up the road to the end of the process.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

More News

All articles loaded
No more articles to load

Knowledge Base

Terra (LUNA)

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Knowledge Base

What is Terra (LUNA)?

This time we take a look at another project that dived deep into the hearts of investors. What exactly is Terra (LUNA)? Blockchain Terra (LUNA)…

What is Avalanche (AVAX)?

Avalanche (AVAX) is a blockchain, which conquers the hearts of programmers and at the same time is a great bargain for investors. What distinguishes the…

What are stablecoins and how can you use them?

In recent years, cryptocurrencies are experiencing a real “boom”! And not just for cryptocurrencies – the rise in popularity applies to blockchain technology in general.…

What is Sandbox (SAND)?

In this material, we take a look at one of the fastest growing spaces in the metaverse family. We are talking about Sandbox and SAND…

What is Polygon (MATIC)?

Another coin worth looking at is Polygon (MATIC). It is especially liked by many investors. So what makes its popularity constantly growing? Support for Ethereum…

What is Shiba Inu (SHIB)

Shiba Inu (SHIB) is one of the most sought-after coins on the market. This is evidenced by its dynamic rallies and global interest. But does…
All articles loaded
No more articles to load