XRP community members showed significant interest in the update on Hinman’s documents.
As reported earlier, U.S. District Judge Analisa Torres, the judge in charge of the SEC vs. Ripple lawsuit, ruled on the parties’ requests to seal the summary judgment materials.
Interestingly, the most important aspect of the ruling for XRP community members was the denial of SEC’s motion to seal internal deliberations related to the 2018 controversial speech by William Hinman, former director of SEC’s Corporation Finance.
The tweet, shared by seasoned pro-crypto lawyer James K. Filan, recorded over 3 million views in less than three days.
At press time, the tweet had a total of 3.4 million views from crypto community members, especially XRP fans. Additionally, the tweet has gotten more than 10.5K likes so far.
#XRPCommunity #XRP #SECGov v. #Ripple BREAKING: Judge Torres denies the SEC's Motion to Seal the Hinman documents.https://t.co/wiatz4vCHL
— James K. Filan ???? (@FilanLaw) May 16, 2023
XRP community members have shown a massive interest in the update, given the significant efforts the SEC put into ensuring Hinman’s documents remain sealed.
Hinman’s Controversial Speech
For context, Hinman was the former director of SEC’s Corporation Finance. The speech by Hinman at the Yahoo Finance All Markets Summit in June 2018, where he declared Bitcoin and Ethereum as non-securities, was a major aspect of the legal battle between the SEC and Ripple.
The leading blockchain company requested drafts of the speech to support its defense. However, the SEC refused to surrender the documents, citing different claims like attorney-client privilege.
After 18 months of legal battle and six court orders, the SEC finally surrendered Hinman’s documents to Ripple in October 2022. However, the securities regulator made moves to ensure the documents were sealed.
The commission filed a motion in December 2022 to seal the drafts of Hinman’s speech. Surprisingly, Judge Torres denied the request on the grounds that the drafts of Hinman’s speech are judicial documents subject to a presumption of public access.
Will Hinman’s Docs Be Released Next Month?
Per Filan, the documents will be released on June 6, 2023, consistent with Judge Torres’ sealing ruling. Meanwhile, Ripple CEO Brad Garlinghouse has disclosed that the company is working with its lawyers to release an unredacted version of Hinman’s documents.
Following the efforts made by the SEC to keep Hinman’s documents sealed, some XRP community members believe the commission might likely settle with Ripple rather than allow the company to release an unredacted version of the docs.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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