In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Senior District Judge Phyllis J. Hamilton has granted Ripple CEO Brad Garlinghouse’s request to seal certain court documents. This decision comes as the case moves toward the appellate stage.
Court Decision
The court granted Ripple’s request to seal eight exhibits supporting its summary judgment motion and 56 exhibits in opposition to the SEC’s motion. Additionally, the SEC sought to seal parts of its exhibits, including expert testimony. The ruling follows the Ninth Circuit’s “compelling reasons” standard, which allows for sealing documents when the need for confidentiality outweighs the public’s right to access.
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Ripple’s Legal Position
This ruling marks a small win for Ripple as it navigates the legal complexities of the case. Previously, Ripple secured a key victory when the court ruled that XRP is not inherently a security, challenging the SEC’s stance. However, the battle is not over. The SEC is now preparing to file its main appeal, which could have wide-reaching implications for cryptocurrency regulation in the U.S.
Experts, including former SEC lawyer Marc Fagel and attorney Jeremy Hogan, believe the SEC’s appeal will face difficulties. Pro-crypto voices, such as Paul Atkins, are advocating for a more balanced approach to crypto regulation, which could influence the outcome of the case.
XRP Price Reaction
Following Ripple’s partial win, XRP rose 1.7%, reaching $2.31, though it remains below the $2.51 resistance level. Market analysts believe Bitcoin’s performance will play a major role in XRP’s future price movements.
Speculation Around Ripple’s Future
Rumors about a possible meeting between Brad Garlinghouse and former U.S. President Donald Trump have sparked speculation that Trump’s pro-crypto stance could impact the Ripple case. However, no official details have emerged about this potential meeting.
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