For several months, there has been a stalemate between Ripple’s attorneys and the SEC, the American financial market regulator, over the publication of critical papers. In a 2018 public presentation, former SEC Chairman William Hinman stated that Ethereum is not a security. Ripple intends to use the papers that precede this address as part of its defense strategy.
The SEC’s lawyers attempted to stop him in a variety of ways. Finally, they claimed that the correspondence in question was protected by professional confidentiality. Judge Sarah Netburn requested that the supervisory authority provide instances of papers that back up this assertion.
However, the judge determined that the records were not protected by solicitor-client privilege:
“The SEC’s request [privacy for Hinman’s documents] is denied. Pursuant to the court order dated April 11, 2022, the SEC must submit the two proposed redactions in entries 29 and 35 for review by the closed court”.
The SEC now has 14 days to file an appeal with Judge Analisa Torres, which will almost definitely be used
Hogan & Hogan partner Jeremy Hogan reacted to the development, saying:
“While I rejoiced in the legal victory (and that the judge understood the SEC trickery), I enjoyed the excitement and joy on crypto-twitter even more. It’s been a while now ” .
Technical price benchmarks for Ripple
Today’s XRP/USD price is $0.3065, a -1.30% decrease. The cryptocurrency was poised to challenge the 23.6 % Fibo retracement barrier around $0.3219.
The bulls, on the other hand, were unable to withstand the selling pressure that erupted with the announcement of US inflation statistics. As a result, the June 30 low has been broken, and if the daily close falls below it, the cycle low of $0.2875 will be tested.
Only a daily closing above the 23.6 cent Fibo retracement allows for a rise to the 38.2 % Fibo retracement of $0.3432.
