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Just in: Win for Ripple as Court denies SEC motion to seal Hinman’s documents

By:
on May 17, 2023
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  • The court has denied SEC's motion to seal Hinman's speech documents.
  • The Hinman docs have details of ex-SEC officials stating that Ethereum wasn't a security.
  • The documents remain crucial for Ripple's defense.

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The ongoing Ripple vs. SEC legal fight took another twist after a U.S. District judge, Analisa Torres, ruled against the regulator’s motion to seal Hinman speech-related documents. The latest move comes months after Judge Sarah Netburn directed the regulatory agency to surrender the docs to Ripple for the discovery process.

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The SEC filed a motion to seal text messages, expert reports, and internal emails connected to Hinman’s remarks on 22 December last year, stating that its mission surpassed the public’s rights to access “irrelevance” records. Meanwhile, Judge Torres said Hinman’s documents could influence the court’s ruling.

Ripple’s Win Against the SEC

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@WhaleChart tweeted about the latest happenings in the SEC vs. Ripple legal battle today. The post confirmed that Judge Torres upheld Netburn’s previous ruling, emphasizing that the Securities and Exchange Commission can’t seal Hinman’s docs as they are crucial for the judicial process.

The documents in question contain statements and communications that former SEC Director of Corporation Finance, William Hinman, made. In 2018, the ex-official said Ether wasn’t a security. Moreover, the records contain preliminary opinions and an exploration of XRP. That makes the documents vital for Ripple’s defense as they highlight SEC’s initial view on XRP.

The latest Judge order allowed the securities regulator to redact the personal details of individuals named in Hinman’s documents. Also, Torress approved various redactions that Ripple proposed. Nonetheless, the Judge denied several XRP-related redactions.

XRP Price Responds

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As Invezz predicted, Ripple’s win will be positive for XRP’s price, sending the token higher. That has happened anytime positive news about the case emerged. Meantime, the remittance token capitalized on the latest ruling and surged by 4.81% on the 24hr chart. While publishing this content, XRP traded bullishly at $0.4466.

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