Source: Adobe / Tierney
Ripple’s bosses have won another legal victory in their already protracted battle against the US Securities and Exchange Commission (SEC) after a judge’s judge made an offer to protect the privacy of personal financial records from CEO Brad Garlinghouse and Executive Chairman Chris Larsen had confirmed. And the (relatively) positive news has given the market a clear upward trend and increased interest in this token even more.
Larsen and Garlinghouse had claimed the regulator wanted to know how much they had “spent on groceries” over the past eight years – details they claimed were irrelevant in the event that the SEC alleged Ripple affiliated with it being an XRP token is an unregistered security.
Executive attorneys said the SEC was attempting “massive overreach” in their efforts to make the record public.
According to an official court document from the Southern District Court in New York, Judge Sarah Netburn ruled that the court found that the SEC had requested Larsen and Garlinghouse’s personal financial records “in addition to the previously promised records of XRP transactions.” are not relevant or proportionate to the needs of the case. “
XRP skyrocketed over the weekend and is correcting its gains today. At 08:33 UTC it is trading at USD 1.38 and is down nearly 4% in one day, reducing its weekly gains to less than 118%. It’s also up 213% in a month.
XRP Price Chart:
The SEC has accused the duo of violating Section 5 of the Securities Act of 1933, which stipulates that securities may not be “offered, sold, or delivered” without prior registration or exemption from regulatory authorities.
Netburn wrote that the court was not “convinced that the bank’s personal records would (or might even show) what the SEC claims,” namely, “individual Section 5 violations”.
XRP supporters will take the latest development as a justification, but some observers claim that a ripple knockout is unlikely – and that a stalemate is a more likely outcome.
As previously reported, a legal expert estimates that Ripple has the resources and willpower to take the SEC to the appellate courts if necessary, while a “negotiated solution” was the most likely outcome. This would allow the SEC to save face and leave Ripple as well, albeit at a financial cost.
And there are signs that the token is gaining momentum outside of the usual circle of XRP evangelists – with a 650% increase in Google queries from users asking, “Why is XRP increasing?” according to Google Trends data.
The search engine’s data also shows that XRP-related searches performed better than Ethereum (ETH) -related searches on April 10, and have remained marginally higher over the past two days.
The country with the highest surge in XRP searches was Japan, where the token has traditionally been very popular, in part due to Ripple’s close ties with SBI, a Japanese securities and crypto giant.
– The settlement is the most likely outcome in the Ripple vs. SEC – Attorney case
– XRP, which is classified as a security, would not harm Ripple, but it could hurt the US CEO
– Garlinghouse backtracks on BTC while Ripple is gaining ground on SEC & XRP Soars
– Brad Garlinghouse: SEC lawsuit against ripple is “against crypto in general”
– Ripple Seeks M&A in Asia amid US litigation
– Unconfirmed report from the trial may have sparked the XRP rally
– SEC lists 3 reasons to search for financial information from Ripple Execs on XRP deals
– SEC addresses Ripple’s “lack of due process” in a letter to the judge
– Review of Ripple’s claim that “many G20 governments” refer to XRP as “currency”