Ripple Case Update: Judge Sarah Netburn Rejects SEC Motion, Can XRP Win?

Kasus Ripple vs SEC. (Pixabay)

JAKARTA – Ripple's feud and the US Securities and Exchange Commission (SEC) have come to light. Judge Sarah Netburn reportedly rejected a motion from the SEC to reconsider the decision of the privileged process or DPP.

The refusal was commented on by former federal prosecutor, James K. Filan, who considered it a "huge win" for Ripple. Filan stated this through a Twitter post.

As reported by U.Today, the court ordered the SEC to submit an email with a draft of former SEC official William Hinman's speech regarding Ethereum among other documents. Back in June 2018, Hinman said that Ether, the token that underpins the largest network, is not a security. Hinman said that at a conference in San Francisco.

The SEC argues that these documents are protected by the DPP from continuing to hold them. However, the judge argued that the agency staff's personal views were not protected by privilege. Additionally, the court ruled that the emails were "not pre-decision or deliberative." Ripple later filed a motion for reconsideration and clarification against the decision.

In the latest ruling, the judge said the SEC sought to “minimize” the fact that the regulator sought to distance itself from Hinman's speech.

The SEC's deliberations on cryptocurrency regulations occurred separately and in parallel with the speech. The judge claimed that the plaintiffs combined the emails consisting of parallel considerations with the emails and edits of documents that only mention them.

The court concluded that Hinman's speech was not the opinion of the institution, so the deliberations were not protected by the DPP. At the same time, the court has agreed that clarification would "help the parties." The SEC may leave or edit some of its communications from production if they contain "important links" to agency considerations.

As of writing the price of XRP is trading at IDR 10.144, a decrease of 5.1 percent in the last 24 hours. It is not yet known whether Ripple's victory over the SEC in the near future will help boost the price of XRP or not.