SEC suffers setback in Ripple lawsuit as court orders crucial evidence to be made p ublic

Photo of author

By Degen Lipsa

Ripple is again trending in the news today because of SEC lawsuit. The continuing dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple has been damaged as a result of a federal judge’s decision that the public has a right to access papers, which has been one of the most contentious points in the Ripple lawsuit.

Documents pertaining to the much-discussed “Hinman emails” must now be available to the public, according to a ruling by U.S. District Judge Analisa Torres.

The records detail internal SEC discussions over a speech given in 2018 by William Hinman, a former SEC employee, in which he expressed his belief that neither Bitcoin (BTC) nor Ethereum (ETH) are securities.

The SEC has appeared to pick winners and losers in the cryptocurrency market by designating some crypto assets as securities and not others, according to Ripple, who claims that the documents are extremely pertinent and may shed light on this.

The SEC had made numerous attempts to keep the Hinman documents out of the courtroom, but when Torres decided they had to be turned up, the SEC later filed a move in December to have some of their contents kept under seal and out of the public’s view.

Judge Torres stated the following while announcing her ruling: “Whether the court relies on the Hinman documents in ruling on the summary judgement motions, they are judicial documents subject to the presumption of public access.”

Hogan commented on the judge’s ruling and said that her opening statements could only mean that she rejected the SEC’s request to have the Hinman documents sealed or that she did not address the fair notice defence issue.

James K. Filan, a crypto lawyer, claims that according to earlier court decisions, the Hinman records would be made available to the public by June 6.

In December 2020, the SEC filed a complaint, claiming that Ripple had been offering XRP as an unregistered security for years.

Leave a Comment