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HomeCrypto NewsMarketRipple Community Expecting 7th SEC Motion For Reconsidering Ruling on Hinman’s Documents

Ripple Community Expecting 7th SEC Motion For Reconsidering Ruling on Hinman’s Documents

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Ripple Community Expects to See SEC’s Motion For Reconsideration of Judge Torres Ruling on Hinman’s Documents.

XRP holders believe the SEC filed a motion for reconsideration before the deadline.

The Ripple community has eagerly anticipated that the Securities and Exchange Commission will file a motion for reconsideration of Judge Analisa Torres’ order on Hinman’s documents.

Recall that Judge Torres backed her colleague last month, ordering the SEC to turn over the drafts of Hinman’s 2018 speech. Following how the SEC has fought to continue to delay surrendering the documents, many people expect the agency to file a motion for reconsideration.

According to James K. Filan, a former U.S. Prosecutor, the deadline for the SEC’s motion to reconsider Judge Torres was October 13, 2022, at 11:59 PM.

SEC Push to Continue Holding Hinman’s Documents

Since Ripple officially filed a motion seeking the SEC to surrender the drafts of Hinman’s 2018 controversial speech, the SEC has requested reconsideration for every ruling backing the blockchain company.

If the SEC files yet another motion to reconsider Hinman’s documents, it would be the seventh time the agency requests a reconsideration motion to the Judge’s order.

Ripple Community’s Take on the Matter

Members of the Ripple community expect the agency to file a motion for reconsideration before the deadline.

Attorney John Deaton, the founder of Crypto Law, predicted that the SEC might officially file a motion to reconsider Judge Torres’ order by 7 PM – 9 PM.

“I could be wrong, but I predict we’ll see a motion for reconsideration at 7-9 pm tonight,” attorney Deaton said. 

According to Deaton, the SEC may likely replicate its approach in the Rio Tinto lawsuit on Hinman’s document saga. 

He said after Judge Torres’ denied the SEC’s motion for reconsideration, the agency filed for certification of an interlocutory appeal to the Second Circuit about 20 to 26 days after the request was denied.

Meanwhile, Fred Rispoli, Chief Legal Counsel at Reaper Financial LLC, is confident that it is unlikely that Judge Torres would reconsider her ruling on the matter, which took her over a month to “review and write.” 

“It’s clear <cough> very clear that SEC has no chance of getting J. Torres to reconsider her ruling AND change her own mind on a ruling she took 1.5 months to review and write.”

Rispoli further said that a reconsideration request would badly damage SEC’s legal position.

“Both the SEC and Ripple know this. Filing a reconsideration is next-level desperation (a level above the reconsideration with Judge Netburn) that will only further damage the SEC’s credibility with the Court and cement its poor legal position, Rispoli said.

He added that the most suitable option for the SEC is to file a request to appeal Judge Torres’ decision.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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