- Judge Torres’ recent ruling on the SEC’s request to seal Hinman’s document has sparked a new conversation on the ongoing lawsuit.
- A pro-Ripple lawyer went in-depth on how the new development could affect Ripple long term.
The Ripple vs SEC lawsuit has been a major topic of conversation among members of the entire crypto ecosystem since the lawsuit was first filed by the U.S. Securities and Exchange Commission in 2020. Three years later, the final verdict from the court is still in the works, and key Ripple (XRP) proponents have remained at alert.
Recently, key proponents have laid out their viewpoints on how the recent ruling by Judge Analisa Torres could affect the Ripple vs SEC case. In particular, Bill Morgan, a Ripple supporter based in Australia spoke on Judge Torres’ order on sealing requests.
District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled that the SEC will not be able to seal documents associated with William Hinman’s speech. The speech was made by the former official about cryptocurrencies in 2018. However, the SEC will not be able to use the documents in its currency case with Ripple.
Reacting to the news development, Bill Morgan asserts that the Judge’s ruling highlights the growth and proves that she has become more informed about Ripple than she previously was.
Bill Morgan explains why XRP cannot be considered a security
Morgan states that Judge Torres has an even more profound understanding of Ripple’s past and current business structure. In addition to that, Morgan believes that Ripple was previously more aligned with institutions and, as well as the sale of XRP in a programmatic manner. Bill Morgan wrote in a tweet;
The decision yesterday shows Judge Torres has informed herself considerably about Ripple’s past and current business. She seems well aware that Ripple’s business in the past involved institutional and programmatic sales of XRP but now is based on sales to ODL customers.
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Notably, Judge Torres had a different view on the past institutional and programmatic sale of XRP, which Ripple could not show that public access would have a negative impact on its present and future business. The judge also didn’t allow room for redactions. Morgan also does not think that the sale of XRP to ODL customers will be troubling to the Judge or even the SEC.
“…Not reading too much into this, but not getting a strong feeling that sales of XRP to ODL customers are troubling the Judge or the SEC. After all, given the nature of the use of XRP in ODL, it really doesn’t seem to satisfy any part of the Howey test, and if sales of XRP for use in Ripple’s ODL ‘product’ are not investment contracts then XRP itself cannot be a security. Past programmatic and institutional sales of XRP may be a different issue..” he concluded.
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