Markets News Report
May 18, 2023

Insights into Ripple Case: SEC Docs Will Be Revealed Soon

In Brief

The Bill Hinman Speech documents are required to be unsealed by June 6. Defense attorney James K. Filan suggested this.

On June 6, the infamous Hinman Speech docs must be unsealed by court order, according to Filan’s recent motion.

SEC Docs May Be Revealed Soon

A 2018 speech from former Securities and Exchange Commission (SEC) corporation finance division director Bill Hinman essentially stated that Ether (ETH) was not a security. In response to this speech, the documents involve the SEC’s internal discussion and deliberations.

Filan, who has been following the SEC vs. Ripple case for the past couple of years, tweeted on May 17 that he would like to see the documents unsealed as soon as possible.

The court’s 2022 Order states that the parties must file public, redacted versions of Summary Judgment documents by September 12, 2022. According to the Order, the parties must file public, redacted versions of Summary Judgment documents by September 12, 2022.

Some believe that if the SEC files an appeal or the case is settled, the stated timeline may be impacted. In a recent order, the SEC has approximately 10 days to file an appeal to a specific order.

If the court orders the documents to be unsealed, other XRP enthusiasts like Ashley PROSPER believe that either side would be motivated to settle the case out of court, as they both would have the information they want to keep secret.

Ripple answers

On May 16, Ripple CEO Brad Garlinghouse tweeted that he hoped Hinman emails would be “publicly available soon.” Ripple Labs thinks this part of the case is an important piece of evidence in its defense against the SEC and its claims that XRP is a security.

The SEC argued in late December that sealing the documents would be the only appropriate method to ensure that the court’s decision is not influenced by material protected by the federal law Privacy Act. The public has a ‘right’ to access the documents, but the SEC’s mission to ‘overweight’ the public’s right to access them outweighs the public’s right, the motion argued.

On May 16, the motion official was denied, resulting in Ripple Labs winning.

  • Ripple has acquired Metaco, a Swiss company that provides digital asset custody and tokenization technology. The company fights the SEC over its alleged violation of U.S. securities law by selling its XRP without first registering it as a security.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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