Ripple has achieved a small victory in its legal battle against the SEC as the agency’s attempt to seal the “Hinman Speech documents” was denied. 🎉
These internal files contain drafts and emails about a speech given by William Hinman, former Director of the SEC’s Division of Corporation Finance, over four years ago, saying $ETH is not a security. The documents are sought after by Ripple’s legal team to understand how the SEC arrived at its conclusion that Ethereum was not a security at the time, which could impact the classification of Ripple’s $XRP cryptocurrency.
While certain redactions will remain sealed to protect witnesses’ welfare, most of the SEC’s expert reports and investor statements will be accessible to the public.
#XRPCommunity #SECGov v. #Ripple #XRP Update on timing regarding when we should see the documents ordered unsealed. According to the Court’s 9/12/2022 Order, the parties have 21 days to file public, redacted versions of Summary Judgment documents consistent with the sealing… pic.twitter.com/doV5fUxDG5
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 17, 2023
In addition, Ripple’s motion to seal information regarding its business activities was also rejected. Details about Ripple’s revenues from XRP sales, compensation provided to trading platforms to list XRP, and the amount of XRP sold to investors through programmatic and institutional sales will now be accessible.
Ripple’s big wig, Brard Garlinghouse, is making his rounds on Twitter and letting the SEC know how he feels:
Ah the hypocrisy to be an unelected bureaucrat – where you can prognosticate on your bully pulpit at all times (every week a new video or speech!) and then say no one should rely on your statements as guidance… https://t.co/DGgw3s3Jdt pic.twitter.com/qoLX6VrLHP
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
Ripple’s supporters and investors eagerly await the unsealed “Hinman Speech documents” to shed light on the SEC’s stance and its potential implications for XRP’s classification. 🎁
Even though XRP closed over +3% on Tuesday, the follow-through has been kind of ‘meh’. We’ll keep an eye on it.