XRP price is rallying after Ripple Labs scored a victory in the ongoing SEC vs. Ripple Labs case that has become the longest court battle in the history of cryptocurrencies. At press time, XRP was trading at $0.4804 up 8.94% in the past 24 hours.
US District Court Judge Analisa Torres On September 29 overruled three objections by the SEC to withhold former Division Director William Hinman’s speech documents. The judge ruled that the SEC should produce the speech documents.
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Recent court ruling a huge plus for XRP
The ruling by Judge Analisa is a huge victory for Ripple and by extension its cryptocurrency, the XRP since Ripple Labs believe William Hinman’s speech will show how the SEC is applying double standards in the ongoing court case.
In the contested speech that was delivered at the Yahoo Finance All Markets Summit in June 2018, Hinman is said to have stated that Bitcoin (BTC) and Ether (ETC) are not securities.
In his own words, Hinman said:
“Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”
Although it is yet to be proven if the language used in Hinman’s speech exonerates Ripple Labs, Ripple Labs considers the speech a key piece of evidence in the case where the SEC is accusing the XRP of violating the US securities. The SEC had raised three objections to the decision of producing the speech documents in court, all of which were overturned leaving it with only one thing to do and that is produce the speech documents in court.
The Ripple vs the US SEC is headed for a summary judgment slated for December after dragging in the corridors of justice for over two years.
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