What SEC Will Do Next After Losing Objection? Attorney Explains
Judge Analisa Torres on Friday announced a big win for Ripple and Defendants in the XRP lawsuit. The court overruled the US SEC’s objection. While it ordered the commission to turn over the crucial Hinman speech documents.
What SEC needs to do now?
Earlier, Judge Sarah Netburn refused the SEC’s attorney-client privilege claims over the speech related documents. While the commission objected to the order by mentioning that the defendants misrepresented their claim over the documents.
Attorney James Filan shared the options which SEC might exercise after this loss. He mentioned that the commission has a number of procedural cards that it can play in order to delay complying with the order. However, this is not the first time that the SEC is applying these delay tactics.
The first option will be to ask Judge Torres to reconsider the court’s order. The order rejects the SEC’s assertion. However, the second option can be applying the motion for reconsideration. The commission just needs to ask her to certify an appeal of the decision the Court ordered.
Meanwhile, there is the third option left for the commission. The SEC could go to the court of appeals directly on a petition for a writ of Mandamus. However, Filan mentioned that before there was a low probability of applying these options.
Is this a win for a Ripple?
However, the SEC wants to delay producing the Hinman related documents. Attorney highlighted that they may try any or even all of these remaining options. Meanwhile, if SEC goes for these options then it would take an extra 2 to 3 months to work them out.
He added that these delay tactics will not delay or even impact the summary judgment schedule or its results.
Ripple’s counsel said that they are pleased by the sixth and hopefully final decision over this matter.
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
