Ripple landed a big win this week in its lawsuit with the U.S SEC after presiding Judge Sarah Netburn denied the SEC access to the personal financial records of Ripple executives Brad Garlinghouse and Chris Larsen.
XRP Increase to $1.24 After the News
After the news, XRP prices received a significant spike. As of the time of writing, XRP is trading at $1.24, an increase of 24% and a market cap of $51.9 billion. With this move, XRP leads Tether’s USDT, seeing a solid 76% growth rate every week.
XRPUSD Chart. TradingView
Earlier this week, Ripple won its first win on that occasion as Judge Netburn gave Ripple permission to access the SEC’s Bitcoin and Ethereum documents in which the securities regulator had exempted the two cryptocurrencies from the ‘security status. Judge Netbuirn explained the reasons for this decision in this new development. She wrote:
“The SEC’s requests for the Individual Defendants’ financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.”
However, the US Securities and Exchange Commission has not yet provided any reasonable explanation or evidence in support of its request. In addition, the SEC has access to all relevant records of XRP transfers and sales. The judge went on to write:
“The SEC has not presented any evidence the Individual Defendants have hidden transactions or that the documents produced support an inference of hidden transactions. […]The SEC’s belief that the Individual Defendants’ banking records might show evidence of a speculative transaction that could have occurred (and that the Individual Defendants are not providing in their XRP transaction records) is not a foundation on which to order expansive discovery into personal financial accounts.”
The Beginning of the end of the lawsuit
Famous people in the cryptocurrency and law sectors gathered to endorse Ripple. In the Change.org petition, Thomas Hodge, the founder of Crypto & Policy, called on SEC chairman Gary Gensler to end the “war on XRP”. The petition says:
“We need to work with US blockchain developers and digital asset owners to develop a clear legal framework for everyone.”Also, attorney Jeremy Hogan endorsed the recent court ruling, saying it was a “good sign” for Ripple executives.