Ripple Lawsuit: SEC Refuses To Adhere To Judge’s Ruling On Hinman Documents

Updated:

The SEC remains headstrong against a ruling by Judge Sarah Netburn to submit requested documents to Ripple (XRP) in its ongoing lawsuit against the cryptocurrency company.

The regulatory watchdog claimed that Magistrate Judge Netburn “did not get the law right.” The Commission claimed that the speech in question reflected Hinman’s personal opinion and not the SEC’s view. The SEC detailed in its filing: “That holding is based on two false dichotomies that Defendants continue to champion: (1) agency communications can only reflect either personal views or agency views; and (2) the DPP and attorney-client privilege protect only deliberations about specific agency decisions and not deliberations that reflect personal views of agency staff.” The US Securities and Exchange Commission further noted:

“Because the Orders contain clear factual errors and are contrary to law, the Court should sustain the SEC’s Objections for the reasons set forth therein.”

Despite the judge ruling that the regulatory agency provide the Hinman documents for the case on two occasions, the SEC remains unwilling and adamant to deliver the necessary documents. Instead, the agency has filed objections to every order to unhand the documents to Ripple.

Commenting on the ongoing saga, attorney John Deaton, Amici’s legal representative, noted that he suspects the SEC’s persistence to grant access to the Hinman documents could mean the regulator would rather settle with the defendants than surrender the documents.

Key Ripple Levels to Watch — August 17

After failing severally in the past few days to re-enter the May consolidation zone, highlighted in purple, Ripple is on a correction pattern. The cryptocurrency currently trades off my long-standing ascending trendline, which is the last support preventing a full-blown bearish descent.

XRPUSD – Daily Chart on Bitfinex. Source: TradingView.

Ripple stands to resume a bullish momentum and retest the consolidation zone if it manages to hold above the critical trendline in the coming days. A bodied candle close below this line would highlight the start of a bearish correction towards $0.3400 – $0.3200.

Meanwhile, my resistance levels are $0.3800, $0.4000, and $0.4200, and my support levels are $0.3600, $0.3500, and $0.3400.

Total Market Capitalization: $1.12 trillion

Ripple Market Capitalization: $18.4 billion

Ripple Dominance: 1.65%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.