Recent Ripple Cases: The SEC Doesn't Have A Strong Legal Basis To Prove XRP As Securities

JAKARTA Ripple's feud with the US Securities and Exchange Commission (SEC) is still ongoing since it started in December 2020. The legal case has finally begun to find a bright spot. The US Securities and Exchange Commission (SEC) reportedly complied with a court order to submit documents related to William Hinman's speech.

This information was conveyed by Ripple's general adviser, Stuart Alderoty recently. He stated the move was a win for Ripple, as the Hinman document strengthens the payment company's legal arguments and blockchain solutions, Ripple.

He added that the documents were internal SEC emails and draft former director of the company's famous financial regulators in a 2018 speech. Related documents are still sealed from the public.

"Even though they keep keeping it a secret for now (at the SEC's insistence), I can say that the struggle to get it (Hinman's speech document) is invaluable. I always feel comfortable with our legal arguments, and I feel better now," Alderoty said, quoted by UToday.

"I've always felt bad about SEC tactics, and I feel worse about them now," he added.

The SEC submitted the document related to Hinman's speech in accordance with a court order passed late last month by US District Court Judge Analyst Torres. Prior to the latest decision, the securities watchdog had ignored six other orders to submit documents.

Meanwhile, Ripple has not changed the reason for its position that the SEC has no legal basis to prove that the original XRP Ledger blockchain XRP token is security.

In a recently opened memorandum of law filed by defendant Ripple to reject the SEC's motion for summary assessment, the company argues that the SEC is still using excessive number of tactics.

At the time of writing, the price of XRP is trading at the level of IDR 6,918 according to Coingecko data. Despite all that, the XRP price movement has not responded to positive news regarding the submission of Hinman documents to Ripple. XRP last recorded its all-time high on January 7, 2018, at the level of IDR 45,650