The sixth-largest crypto asset by market cap, XRP, is rallying amid Ripple Labs scoring a win in court in a lawsuit lodged by the U.S. Securities and Exchange Commission (SEC).
XRP surged approximately 20% amid a court ruling ordering the SEC to produce documents Ripple intends to use as evidence.
On September 29th, XRP soared to a high of $0.5109 from the day’s low of $0.4266 in a matter of hours, recording a gain of 19.76%.
XRP is slightly down from yesterday’s high and is trading at $0.4785 at time of writing.
In the ruling issued on Thursday, the SEC’s objection to producing a speech of interest by its former Director of Corporate Finance, William Hinman was overruled. The speech made by Hinman in 2018 stated that Ethereum (ETH) was not a security. The SEC sued Ripple in late 2020 claiming that the payments firm sold XRP as an unregistered security.
Following the ruling that was delivered by District Judge Analisa Torres, legal expert James K. Filan now says that the SEC could employ various strategies to delay compliance.
“The SEC has a number of procedural cards they can play to try to further delay complying with the order to produce the Hinman documents.
First, they can ask Judge Torres to reconsider her order overruling the SEC objection. Second, they could skip the motion for reconsideration and just ask her to certify an appeal of the decision she issued today.
Third, they could go to the Court of Appeals directly on a Petition for Writ of Mandamus. As I’ve mentioned before, these are all low probability of success maneuvers.
But if the SEC wants to delay producing the documents, they may try any or even all of these maneuvers, and that could take an additional 2 to 3 months to work out.”
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