Another blow to the SEC’s efforts to win their case brings the day of judgement ever closer. Ripple is up 8% this morning on news that a Judge has ruled that the SEC cannot access Ripple’s legal concerns.
The US SEC previously asked Judge Sarah Netburn to order Ripple to produce records of legal advice around whether the sales of the XRP token were compliant with federal securities laws.
Ripple’s defence is that the SEC did not give them “fair notice” that the securities regulator failed to warn them and others that XRP was an unregistered security — despite being asked.
Jeremy Hogan, an attorney closely following the case said the decision was “very important,” because the Judge states Ripple’s subjective beliefs regarding XRP are not relevant to the fair notice defense. This move would “block the road the SEC wanted to use to fight the defense.”
This is an exciting play as it fits perfectly with the bounce from the bottom of the wedge. This could move to at least the top of the wedge and resistance but I doubt it will fly long term because the case has not been finally solved. We are close everyone, very close.
SEC — you’ve lost this one — let it go #RelistXRP