The recent development of the Securities Exchange and Commission (SEC) lawsuit against Ripple seems to bring hope for the price of XRP.
On April 11, U.S. magistrate Sarah Netburn rejected an SEC application asking the court to reconsider a submission order of documents and communication evidence relating to former SEC director William Hinman.
The order voiced by Netburn itself also included Hinman’s statement regarding the status of Bitcoin (BTC) and Ethereum (ETH) as non -securities assets.
The rejection of the application this time gave a small victory for Ripple because previously the SEC claimed Hinman's statement was only a personal view, not involving the entire policy outlined by the agency.
But wanting to save himself, the SEC suddenly claimed Hinman’s views actually represented the SEC’s overall stand and for that reason, all the evidence that should have been presented survived to be submitted to the court under the privilege of the deliberative process (DPP).
DPP refers to the protection of important documents or any findings involving internal processes.
If the SEC remains claiming Hinman’s statement is a personal view, the findings will not be covered under the DPP. Consequently, the SEC must submit any communications related to such views.
The SEC fell into its trap when Netburn was ‘attracted’ by the agency’s change of stance on Hinman’s statement.
Breath of relief for Ripple & XRP
Recently in an interview with CNBC at Paris Blockchain Week; Ripple CEO Brad Garlinghouse described the case trial process as very smooth and better than expected.
"Even from here we can see that the law in the US is still chaotic." it is clear again.
XRP exhibited positive movement following the Netburn decision. Since April 12, XRP has jumped over 5% to its value at the time this article was written, $ 0.72 per unit. But still have not been able to make up for losses since last week that collapsed by more than 8%.
