XRP Lawyer Hints SEC’s Next Move After Court Denies Its Claim

In a big win for Ripple and Defendants, Judge Sarah Netburn denied the SEC’s attorney-client privilege claims over the infamous Hinman’s Ethereum speech. Court’s decision has raised the anticipation among the XRP holders over the commission’s next move.

Will SEC will another extension?

John Deaton, lawyer of XRP holders has suggested that the commission will be appealing the issue to Judge Torres. However, she will not overrule the current decision. He added that the SEC will request a 1-2 week extension to file the objection to this decision.

Deaton further informed about steps, the authority can take to delay the process further. He suggested that if the court didn’t grant the extension then Judge Torres will have the SEC’s appeal. This will be led by Ripple’s objections to the appeal in 30 days.

He added that after Judge Torres upholds Judge Netburn’s decision, the commission can ask Judge Torres to certify the 2nd circuit appeal. Deaton highlighted that she might deny this also.

SEC can go to DOJ against XRP?

If this happens then the authority can go on to ask the U.S. Department of Justice (DOJ) permission to file a Writ of Mandamus. However, he believes that this will a tough pitch for the SEC to execute.

Deaton targeted SEC Chair Gary Gensler and suggested that he don’t know he has the political capital to pull it off. If they aren’t able to file a writ or appeal then the SEC must have to turn over the documents. However, XRP’s lawyer praised Judge Netburn’s decision highlighting how patient and professional during this lawsuit.

Since the news broke out XRP token prices have jumped by just 2%. It is trading at an average price of $0.316, at the press time. Its 24 hour trading volume has jumped by 5% to stand at $973 million. XRP’s growth has been struck due to the long running lawsuit but still, it is holding a total market capitalization of around $15.2 billion.