How this development in the Ripple vs SEC case sent XRP prices rallying
XRP, the native token for Ripple witnessed a fresh jolt of freshness in its price. At the time of writing, XRP saw a 1.5% surge as it traded above the $0.4 mark. Even though it wasn’t a significant surge, but could indeed help the cause. But what led to this?
Enough of playing around
The litigation between the U.S regulatory board (SEC) and the San Fransico based fintech firm (Ripple) has been witnessing different filings every day. But there’s one attribute that continues to align or follow the same trend – the Plaintiff’s (U.S SEC) attempts to delay the case.
According to a motion filed by Ripple and Individual Defendants, Chris Larsen and Brad Garlinghouse, the trio had objected to the SEC’s request to seal its opposition to the amici request to represent 67,300 XRP holders in Mr. Patrick Doody’s expert testimony challenge.
This reply came to light in response to a testimony of expert SEC witness Patrick Doody, whose report aimed to explain what motivated XRP holders to buy the token. Likewise, Deaton, as mentioned, sought to represent community members included in the litigation.
But looks like even the court has had enough. The Court denied SEC’s motion to seal the aforementioned request in a June 10 filing. James Filan, a famed attorney highlighted this filing in a June 10 tweet.
#XRPCommunity #SECGov v. #Ripple #XRP The Court denies SEC’s Motion to Seal and Orders it to file by June 14th a redacted version of the brief and exhibits, under seal, redacting information "only to the extent necessary to safeguard information sought to be filed under seal." pic.twitter.com/rtblZL40eH
— James K. Filan ????101k+ (beware of imposters) (@FilanLaw) June 9, 2022
The Court further ordered the SEC shall file a letter explaining its proposed redactions and specifying which exhibits it sough to seal by 14 June, 2022. Essentially the Court agreed with Ripple and said that the SEC tried to seal more than necessary.
This indeed could be one of the key reasons for renewed enthusiasm amongst XRP holders.
In addition to this, Ripple Labs even filed a reply with regard to the deficiencies in the SEC’s responses to the Ripple Defendants’ Fourth Set of RFAs. Defendant tried to get Judge Netburn to look into inquiries about XRP received by OIEA and FinHub. Ergo, putting pressure on Plaintiff.
Different XRP enthusiasts expressed their optimism on the social media platform following this move. Another famous attorney, Jeremy Hogan commended the respective Judge in a tweet that read:
Judge Torres don't mess around.
— Jeremy Hogan (@attorneyjeremy1) June 9, 2022