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Ripple has scored its second big victory in a weekâs time in its legal battle against the U.S. Securities and Exchange Commission (SEC). Magistrate Judge Sarah Netburn has denied the securities regulator access to the personal financial records of Ripple executives Brad Garlinghouse and Chris Larsen.
The XRP price has got a major boost following the news. At press time, XRP is trading 12% up at a price of $1.13 with a market cap of $51.9 billion. With this move, XRP takes the lead over Tetherâs USDT while registering a solid 76% weekly gains.
Earlier this week, Ripple registered its first victory in the case. Judge Netburn granted Ripple the permission to get access to the SECâs documents for Bitcoin and Ethereum wherein the securities regulator had exempted the two cryptocurrencies from the âsecurityâ status. In this fresh development, Judge Netbuirn explains her reasons behind this decision. She wrote:
âThe SECâs requests for the Individual Defendantsâ personal financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.â
The Judge further added that the claimant seeking the disclosure holds the burden of proving it right. However, the U.S. SEC hasnât yet provided any plausible explanation or evidence for its demand. Besides, the SEC already has access to all relevant records for the transfer and sale of XRP The Judge further wrote:
âThe SEC has not presented any evidence the Individual Defendants have hidden transactions or that the documents produced support an inference of hidden transactions. [âŠ]The SECâs belief that the Individual Defendantsâ banking records might show evidence of a speculative transaction that could have occurred (and that the Individual Defendants are not providing in their XRP transaction records) is not a foundation on which to order expansive discovery into personal financial accountsâ.
End the War on XRP
Popular personalities from the crypto and the legal space are coming together for their support for Ripple. In a Change.org petition, Thomas Hodge, the founder of Crypto & Policy has asked SEC chairman Gary Gensler to end âthe war on XRPâ. The petition notes:
âWe need to develop a clear regulatory framework for everyone, together with American blockchain developers and holders of digital assetsâ.
In addition, attorney Jeremy Hogan has also backed the latest court decision saying itâs a âgood signâ for the Ripple Executives.
I recently suggested that the Court would not grant Ripple's motion for discovery if it intended to dismiss the Fair Notice defense. Inversely, I think Brad/Chris can take this as a good sign as to their Motions to Dismiss the lawsuits against them. #Quashed (1/2) https://t.co/y6Ew6yySrg
â Jeremy Hogan (@attorneyjeremy) April 9, 2021
Since the XRP bulls look pretty strong at this point, the next potential XRP price target stands at $1.35.
The post XRP Price Shoots 12% As Judge Denies SEC Access to Ripple Finances appeared first on Coingape.
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