Ripple Community Triumphs as SEC’s Request to Seal Records Rejected
The request by the United States securities regulator to keep its internal deliberations confidential after a speech by former director William Hinman has been rejected.
This decision has been seen as a victory for the Ripple and cryptocurrency community.
In his speech in June 2018, Hinman, the former director of the Securities and Exchange Commission corporation finance division, stated that Ether (ETH), the native token of the Ethereum blockchain, is not considered a security.
The SEC filed a motion on December 22nd to seal the internal emails, text messages, and expert reports that followed Hinman’s speech. The SEC argued that its mission outweighed the public’s right to access irrelevant documents for the court’s summary judgment decision.
However, Judge Analisa Torres of the U.S. District Court ruled that these documents are judicial documents and should be accessible to the public. She stated that the Hinman Speech Documents could potentially influence the court’s ruling on a motion.
Judge Torres also rejected the SEC’s argument that sealing the documents is necessary to maintain openness and candor within the SEC, clarifying that the deliberative process privilege does not protect the Hinman Speech Documents because they do not pertain to an agency position, decision, or policy.
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While the court has decided to make the Hinman Speech documents public, it has granted two other requests from the SEC. These requests involve redacting the names, and identifying information of SEC experts, XRP investor declarants, as well as personal and financial information of the defendants.
Additionally, the court denied certain motions from Ripple to seal certain information, including references linking Ripple’s revenues with XRP sales and the compensation offered to trading platforms.
Ripple has regarded the speech as crucial evidence in its ongoing legal dispute with the SEC, which accuses Ripple of violating U.S. securities laws by selling XRP.
Following this news, the price of XRP experienced a 2.6% increase, and it is currently being traded at $0.43.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
