There are many indications that the SEC in the Hinman documents case still has no intention of backing down. The Ripple community expects that the agency’s representatives are planning to file a new request for a favorable review of their arguments. This will be the seventh such attempt.
SEC creates a soap
A few weeks ago we reported another small battle won by Ripple, in its clash with the SEC. In an article titled “Court once again orders SEC to disclose Hinman documents – Ripple dispute gets closer and closer to the end,” we wrote about Judge Torres, who remains defiant in the face of successive requests from the Securities and Exchange Commission. Meanwhile, lawyer John Deaton estimates that the time for a possible appeal of the SEC’s decision expires on Thursday, October 13. According to him, the agency will certainly take advantage of the opportunities at its disposal and on the same day, file the appropriate document.
At the time of this writing, we are already past the deadline. Nevertheless, no official information has yet seen the light of day regarding the reaction of the SEC’s lawyers.
It is worth noting that for the SEC this will be the seventh time it is likely to exercise this right. This certainly does not help its image, nor does it indicate the Agency’s arguments as credible.
Reconsideration of the application unlikely?
Fred Rispoli, general counsel at Reaper Financial LLC, also decided to share his opinion on the aisle. In his opinion, a reconsideration of the ruling, which took Judge Torres such a long time to evaluate the previous time, is highly unlikely. In his words:
“Both the SEC and Ripple are aware of this. Filing a motion for reconsideration is next-level desperation – a level higher than reconsideration with Judge Netburn – that will only further damage the SEC’s credibility in court and perpetuate its weak legal position.”
SEC vs. Ripple in a nutshell
The legal battle between the SEC and Ripple finds its beginning back in December 2020. The U.S. agency accused the issuer of the XRP token of placing an unregistered security on the market. This information had a strong impact on the price of XRP, which essentially moved past the market highs while awaiting the courtroom news. Meanwhile, there are many indications that the skirmish between the parties may be coming to an end. Regarding these rumors, the price of XRP is climbing on the chart, trading near $0.50 at the time of this writing. Over the past four weeks, this is an increase of nearly 45%.