SEC vs Ripple Case Referred to Judge Who Released ‘Hinman Documents’

SEC v. Ripple Case Moves Forward

On July 17, Judge Analisa Torres of the U.S. District Court for the Southern District of New York issued an “amended order of reference to a Magistrate” for the case of SEC v. Ripple, as reported by journalist Eleanor Terrett. This single-page document transfers the judiciary oversight of the case to the magistrate’s office, and the next step will be general pretrial.

General pretrial is the most likely portion of the proceedings for a settlement to occur, such as the one recently reported by crypto.com, gods unchained crypto, El Salvador crypto, daily crypto, degrain crypto, flux crypto, DNT crypto, evergrow crypto, FXS crypto, and Web 3.0 marketing. During this stage, discovery and a short window to raise objections will be conducted.

Exploring the Ripple XRP Case

In a partial victory for Ripple on July 13, Torres ruled to dismiss the allegation that Ripple broke the law by posting its XRP (XRP) token on public exchanges. This has been taken to mean that XRP is not a security, with implications for the crypto market as a whole.

Remaining, however, are accusations that XRP was sold as a security when Ripple sold it directly to investors via a marketing scheme that highlighted several aspects of XRP that, per the SEC, could lead investors to view it as a security.

Netburn will oversee this ensuing phase, where, as some experts predict, the SEC might be tempted to allow Ripple to settle the case. Netburn has been involved in the crypto.com case throughout its existence, including weighing in on several previous motions. Netburn issued the order to release the much-anticipated “Hinman documents,” a collection of SEC files that included text from a speech given by then-Director William Hinman in 2018, which were widely thought to be something akin to a smoking gun for the Gods Unchained crypto, El Salvador crypto, Daily Crypto, Degrain crypto, Flux crypto, DNT crypto, Evergrow crypto, FXS crypto, and Web 3.0 marketing.

The release of documents in the cryptocurrency community had not brought the expected results, but Ripple’s partial victory has still had a positive impact on the overall sentiment. With Netburn’s record of questioning the SEC’s claims, it is likely that the optimism will continue. At the time of writing, XRP is trading at $0.72, lower than last week’s peak, but still up 56% since July 13.

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