There may be a breakthrough in the SEC vs. Ripple case. Judge Sarah Netburn, seeing the growing dispute between the parties over William Hinman’s 2018 emails, has scheduled a joint conference to advance the litigation.
Time to push the case forward
It seems that Sarah Netburn is starting to lose patience with the mutual pushback and constant appeals that are taking place between Ripple and the SEC. We wrote a lot about this in last week’s material, titled “Attorney James Filan outlines timeline for completion of Ripple v. SEC lawsuit” – take a look if you haven’t had a chance yet and want to stay up to date on the proceedings.
Tuesday, June 7 is expected to be the day that an official conference call will be held with both sides of the litigation. The official reason for the conference is to discuss the claims made by the SEC, which is doing its best to keep Hinman’s documents away from Ripple. Although the SEC has been ordered to deliver them to the court, it continues to avoid fulfilling its obligation, citing attorney-client privilege.
The conference is to be held in Courtroom 23B, Daniel P. Moynihan Courthouse, 500 Pearl Street, in New York City.
Hinman’s speech remains key
The former director of the Securities and Exchange Commission’s Division of Corporation Finance, Bill Hinman, despite being long out of office, is still on the lips of litigants and market observers alike. His 2018 statement suggesting that both Bitcoin and Ethereum are not securities is, for now, a major factor projecting the future of Ripple. The disclosure of the documents, in the form of emails, could project the future course of the proceedings and Ripple’s possible advantage in it.
Meanwhile, the SEC is constantly presenting new reasons, due to which it allegedly cannot make available the data it has and which are necessary at the moment. The Commission’s last line of defense is the aforementioned attorney-client privilege.
XRP price action in the meanwhile
Since the beginning of the Ripple vs. SEC case, the health of the XRP coin has depended on the general state of the market and, more importantly, the information coming out of the courtroom. Thus, XRP has broken out of the triangle it was in for over a year, reaching the $0.33 level. At the moment, few technical factors indicate a change in the direction of the price movement. The conference scheduled for the beginning of the month, however, may change this.