SEC v. Ripple refers to the judge who ordered the release of “Hinman Documents”

SEC v. Ripple refers to the judge who ordered the release of “Hinman Documents”

Judge Analisa Torres sent remaining issues in SEC v. Ripple to Magistrate Sarah Netburn.

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The United States Securities and Exchange Commission v. Ripple Case is about to progress, after Judge Analisa Torres of the U.S. District Court for the Southern District of New York submitted paperwork on July 17, referring the case back to Magistrate judge Sarah Netburn.

Eleanor Terrett reported the first court order referring the case to a magistrate. The court then issued a “modified order of referral to a Magistrates Office” transferring the judiciary to the magistrates’ office.

This single-page document was seen by Cointelegraph and indicates that general pretrial will be the next step. This phase usually involves discovery and a limited window for to raise objections.

The general pretrial portion is most likely to result in a settlement. Experts believe, as Cointelegraph reported recently, that the SEC is unlikely to appeal Torres ‘s rulings from the previous week.

Related to: A judge rules that XRP was not a security when the SEC filed a case against Ripple

This has been interpreted as meaning that XRP is not a security, with implications for the crypto market in general. It has been interpreted that XRP does not qualify as a security. This would have implications on the entire crypto market.

The SEC has alleged that XRP could be viewed as a financial instrument by investors if Ripple sells it directly to them via a marketing campaign that highlights several aspects of XRP.

Netburn will supervise this next phase where, as experts have predicted, the SEC may be tempted to let Ripple settle the case.

Netburn was involved in the case from its inception, and has weighed in on previous motions. Netburn gave the order for the release of the “Hinman Documents,” a collection SEC files containing text from the speech delivered by William Hinman, the then-Director in 2018. The documents were widely regarded as a smoking-gun.

The release of documents did not have the impact that the cryptocurrency community had hoped. However, Ripple’s partial victory has had a significant impact on overall cryptocurrency sentiment.

There’s a lot of reasons to think that the positive sentiment in the case will continue. The XRP price is $0.72 at the time of this publication. This is down from its peak last week, but still over 56% higher than July 13th.