The Securities and Exchange Commission (SEC) opened the lawsuit in late 2020, alleging Ripple sold XRP as an unregistered security, the SEC continues to argue this matter in the case.
In addition to the lawsuit the SEC filed charges against the CEO of Ripple, Brad Garlinghouse and the ripple cryptocurrency companies co-founder Chris Larsen. The latest developments in the case reveal that Judge Sarah Netburn has ordered the SEC to provide both emails and drafts related to a 2018 speech from William Hinman. William Hinman was the former director of the Commission’s Division of Corporate Finance. In the 2018 speech, Hinman had stated that Ethereum or ETH was not a security.
The SEC is currently fighting against releasing the Hinman documents to the court, citing irrelevance to the case. Ripple XRP however argues that they are relevant documents as Hinman stated a similar cryptocurrency Ethereum was deemed not a security in the speech, that possibly the documents or drafts assert further insight into XRP not being a security or further evidence to the entire asset class not being security.
Crypto legal expert Jeremy Hogan points to the area of Ripple’s argument for revealing the Hinman documents and speculates that if those documents are released, they will be followed by a settlement in the case soon thereafter.
Hogan stated, “Generally speaking, settlement is most likely after discovery is closed and before Summary Judgment briefs are filed. We are not quite finished with discovery yet (but almost) and it looks like summary judgment briefs will be filed in May or June.” Another Attorney close to the ripple XRP case John Deaton has also predicted that the Hinman documents are likely to be allowed by the Judge.
XRP is currently trading at $.81 at the time of this article. Crypto traders and investors follow the SEC v XRP news cycle for insight on trade potential or the longer term XRP price direction.