Ripple Vs SEC News: Unsealing The Hinman Documents By June 6
The Ripple vs SEC case is nearing its final ruling, generating heightened anticipation due to its potential to establish a precedent for the US crypto industry. A contentious issue in this lawsuit revolves around the Hinman Documents.
These documents pertain to a 2018 speech by former SEC director Bill Hinman, wherein he asserted that Ether (ETH) was not a security. They contain internal discussions and deliberations within the SEC regarding this speech. The significance lies in the fact that the SEC alleges Ripple’s XRP is a security.
The SEC sought to seal the Hinman Documents, but a recent court order mandates their unsealing by June 6. Consequently, there is a possibility that these documents may become accessible to the public.
Hinman Documents To Be Made Public By June 6
James K. Filan, a defense lawyer and former federal prosecutor, expects the Hinman Speech documents to be publicly available by June 6. In a recent Twitter thread on May 17, Filan provided an update on the potential unsealing of these documents. He explained that a court order from September 12, 2022, grants the parties involved 21 days to submit redacted versions of the Summary Judgment documents for public access, adhering to the sealing ruling. According to Filan, June 6 marks the end of the 21-day period, starting from the day of the recent ruling.
However, there is a possibility that the stated timeline could be affected if the SEC decides to file an appeal or if the case proceeds toward a settlement.
Jeremy Hogan, a partner at Hogan & Hogan, highlighted that the SEC has approximately 10 days to submit an appeal in response to this particular order. Additionally, members of the XRP community, including @AshleyPROSPER1, speculate that the possibility of the documents being unsealed could motivate both parties to consider a settlement, as they may possess information they prefer to keep away from public scrutiny.
In a recent Twitter post on May 16, Ripple CEO Brad Garlinghouse expressed his interest in the unredacted Hinman emails, stating that he is eager to see them become “publicly available soon.”
How Does This Affect The Ripple Vs SEC Lawsuit?
Ripple Labs has had access to the documents for quite some time, but it considers this aspect of the case crucial evidence in defending itself against the SEC’s classification of XRP as a security. In late December, the SEC filed a motion to seal the documents, claiming they were irrelevant to the case’s final outcome and arguing that the SEC’s mission superseded the public’s right to access them.
However, Ripple Labs achieved a recent victory when the motion to seal the documents was officially denied on May 16.