Ripple continues to grow with its valuation hit $15 billion after buying back its Series C shares from investors. The CEO of the company, Brad Garlinghouse announced that despite the ongoing case, Ripple’s financial position is the strongest ever.
Excited to announce @Ripple bought back our Series C (Dec 2019) shares at a $15B valuation! 1/4— Brad Garlinghouse (@bgarlinghouse) January 26, 2022
The recent news about the suit is that the U.S. SEC (Securities and Exchange Commission) filed a motion to gain more time for arguing against the order by Judge Netburn of disclosing documents related to the agency's former director William Hinman's speech.
According to a filing of January 13, 2022, Ripple is allowed to access the papers. The SEC argues that Hinman's speech was his personal opinion.The judge gave the SEC time until February 17, to fight the earlier order to turn over the documents. Attorney John Deaton submitted to the Court that delays hurt XRP holders, who already can't use their holdings since the lawsuit starts.
In 2018, the former SEC director gave a speech where he clearly stated that Eth isn't a security. Although the SEC says that it wasn't guidance, even then former SEC commissioner Robert Jackson said that the official gave a set of principles that the market could follow.
Currently, Hinman is an advisory partner at the venture capital Andreessen Horowitz, which is a big crypto investment fund. Ripple CEO Brad Garlinghouse said previously that he expected the lawsuit which was started in December 2020 to come to the end this year.