Hon’ble Judge denied reviewing some documents regarding the Ripple Vs SEC lawsuit. According to the Judge, documents were not relevant for this case to take reference.
Ripple is a San Francisco-based Fintech firm and right now this firm is taking advantage of Blockchain technology with its XRP ledger technology to facilitate cross-border payment. However, the majority of XRP based operations remain fully public but still, all these things were not enough to support Ripple firm’ XRP token.
In December 2020, the US securities and exchange commission (SEC) filed a lawsuit against Ripple executives and claimed that Ripple’s XRP token is a Security, which is unregistered with the SEC agency. Agency also claimed that the Ripple company sold unregistered securities publicly, which was illegal under the securities law of the SEC Agency.
In the past few months, a document related to the June 2018 Statement by the SEC director Willian Hinman, who said Bitcoin and Ethereum are not securities, was in huge traction.
In the initial phases, Ripple attorneys tried to bring the documents, related to the statement of Hinman, in own favour but the SEC Agency denied supporting the documented speech and claimed that the speech by Hinman was based upon his personal point of view, not on the laws of the Agency.
But recently the SEC agency itself tried to bring the document, in this case, to bring a supportive stand for the SEC agency, against Ripple.
On this changing side of the SEC to make everything in favor of himself instead of properly focusing on SEC rules and laws. Presiding Judge Sarah Netburn denied the SEC’s request to reconsider shielding documents, which includes the same speech of Hinman on Bitcoin & Ethereum.
The judge tried to suggest the SEC agency that they don’t hit the hammer on their own fees, to strike against Ripple.
“The SEC seeks to have it both ways, but the Speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its position.”
In response to the success of Ripple against the SEC agency, James K. Filan, Ripple’s defense attorney, shared his happiness on Twitter and wrote that the SEC agency wants to play from both sides but now can’t, which is a big win for Ripple.