Forbes Journalist Files Amended Motion for Ripple vs SEC Case, Seeking Access to Hinman Documents
Many in the cryptocurrency industry believe that the most crucial legal issue is that between the SEC and Ripple. Yet, the commission’s regulatory approach is predicted to change if Ripple triumphs. The most recent updates state that Forbes journalist Dr. Roslyn Layton has approached the court for permission to intervene and access to the Hinman Speech Documents through an amended MOTION.
Pro-XRP lawyer James K Filan took to Twitter and shared the amended motion filed by Layton. In the motion to intervene, Layton has highlighted that the stakes are ‘extraordinarily high’ not only for Ripple but also for its executives and the thousands of XRP holders who have suffered losses in billions due to ‘SEC’s misguided effort at supposedly protecting them.’
Part of the motion read, “And the supposed guidance Hinman offered in that speech has proven inscrutable, declaring one crypto asset-Ethereum’s native cryptocurrency Ether- as completely outside the securities laws, while the SEC seeks billions in penalties from Ripple’s virtually identical offering for supposedly violating those laws.”
Adding, “That inconsistency has given rise to grave concerns about potential conflicts of interest, because Hinman had a financial stake in promoting Ethereum to the exclusion of competing coins like XRP.”
The Hinman Speech Papers will show whether Ethereum’s SEC proponents had undue interference in the crafting of Hinman’s message, or whether agency officials believed the advice offered in the speech was muddled or strayed too far from predetermined norms. Thus, public access will be essential, as stated in the motion.
It further added that the SEC’s contention that this Court has declared the documents irrelevant is incorrect. However, it also highlighted that the SEC had declared the documents are relevant to “the summary judgment motions” when it offered them in support of its own summary judgment motion.
Ripple Vs SEC: Dr. Layton Actions For Judicial Transparency, Demands Public Access To Hinman Speech Documents
Dr. Roslyn Layton, a regulatory policy scholar, has filed an amended motion to intervene in the Ripple vs. SEC lawsuit in a bid to access internal SEC documents related to a speech former SEC Director of Corporation Finance William Hinman gave in 2018.
Invoking The First Amendment Right
These documents have been the subject of significant public interest and debate as they could be crucial to the defense of Ripple, which the SEC has accused of violating securities laws.
Layton is not affiliated with Ripple or XRP but has written extensively about the Hinman Speech Documents and their significance to the case. The SEC has sought to seal some of these documents offered by Ripple in support of its summary judgment motion, but Dr. Layton opposes this motion and is petitioning for their public release.
Dr. Layton argues that both the First Amendment and federal common law endow the press and the public with a presumptive right to access judicial documents, which is necessary for the public to have confidence in the administration of justice.
Significance Of Hinman’s Speech
The Hinman Speech Documents are considered to be judicial documents as they have been introduced into evidence by Ripple in support of its summary judgment motion.
Dr. Layton suggests that their public release is essential for evaluating the strength of Ripple’s fair-notice defense, as well as the SEC’s entire “regulation by enforcement” approach to cryptocurrencies.
The documents will also reveal whether Ethereum’s proponents within the SEC had undue influence in crafting Hinman’s speech, or whether agency insiders thought the guidance provided in the speech was unclear or deviated too much from settled expectations.
Strong Presumption For Public Release
Given the immense significance of the case, which has been called the “cryptocurrency trial of the century,” and the absence of any legitimate countervailing interest counseling against disclosure, Dr. Layton believes that the presumption favoring public release of the Himan Speech Documents is particularly strong.
Layton also refutes the SEC’s claims that the documents are irrelevant or should be kept confidential due to the agency’s internal processes. The fact that the documents concern communications among agency officials only suggests that they “are generally available,” making the presumption stronger and compelling the conclusion that the documents should be released.
Layton’s amended motion to intervene is a significant development in the case, as it could provide the public with access to documents that are highly relevant to the future of the cryptocurrency industry in the US.
As the case continues to attract intense public and media attention, this move could further escalate interest and scrutiny into the case and its potential implications for the future of cryptocurrency regulation.
Was BUSD, Binance’s Shadow Bank Solution to Access USD-Decode the Truth Here!
Binance appears to be in deep waters as the platform has been speculated to carry out multiple administered moves in the past and in the present time as well. Recently, the SEC’s crackdown on Paxos, restricting it from minting new BUSD stablecoin has stirred the entire crypto space. Mainly due to the reason, Paxos is registered and BUSD is a regulated entity.
However, the SEC considered it unregistered security and stopped the issuance of new tokens. It has to be noted that Paxos mints new BUSD on the Ethereum blockchain while the BUSD is also issued on the BSC chain which is minted on the BNB chain, Polygon, etc. This feature was introduced for the users to easily swap tokens between Ethereum and the other chains.
Therefore, while Paxos asked to halt the issuance of new tokens, Binance may still continue to do so.
Besides, Binance also experienced massive outflows of BTC with the latest clarification by the CEO, Changpang Zhao (CZ). Nearly 3500 BTC flew out of the Binance exchange while more than 200 million BUSD is all the centralized exchanges. The time frame of these events creates suspicion over the platform.
Adam Cochran, a known analyst, believes that Binance knew the BUSD issue from SEC, well before it was cracked. The reason behind this speculation is the on-chain data provider, Skew reported a gigantic BTC swap on Binance just to ensure reserve status.
As per the Skew, BUSD was used to elevate the BTC prices and later were swapped. Further, BTC was sold against USDT creating two wallets, one with BTC and the other with USDT, while BUSD was just discarded.
On the whole, Binance now will be under suspicion as the on-chain data points out fabricated price actions within the crypto space. However, Binance was previously been cut off from the dollar at both the banking level and the recent crackdown has disrupted its shadow banking too.
ShareRing Integrates CosmWasm to Enable Frictionless Access to Services
The CosmWasm integration is reportedly the first of several other steps that ShareRing, a digital identity blockchain/DLT ecosystem, is taking to move towards attaining the goal of offering seamless access to goods and services. This integration results in enhanced smart contract functionality, improved cross-chain interoperability, and greater flexibility in implementing smart contracts on ShareLedger.
During the next few weeks, the team says they’ll be publishing a series of blogs discussing CosmWasm, Smart Contracts, and ShareLedger. This update is the first of six planned releases and serves as a primer to ShareLedger integrating CosmWasm, and ShareRing’s journey to a secure digital future.
Web2 has mainly prioritized centralization, greater convenience, and flexibility when providing access to goods and services. The landscape has been fraught with significant gaps in privacy, security, and control, while also being fairly fragmented.
As explained in the update, ShareRing aims to position ShareLedger as the preferred choice for Web3 application developers in order to enhance access to goods and services, while also lowering the friction that presently exists in a web2 environment through leveraging verifiable credentials, non-fungible tokens (NFTs), and Soulbound tokens.
In progression towards the team’s ultimate goal of decentralization to enable quick access to goods and services, CosmWasm is that initial step forward towards realizing that vision.
Now, not only can software developers add their immutable and irreversible smart contracts into ShareLedger, but CosmWasm also aims to ensure the reliability of chain agnosticism, and improved interoperability between smart contracts as they’re able to run on several different chains.
Last month, ShareRing app clients had reportedly been able to swap their $SHR tokens between the BNB Smart Chain and ShareLedger (SLP3).
Previously, clients had to go through a 3-step process of swapping $SHR from Binance Chain (BEP2) to BEP20 (using Binance Wallet), then to ERC20 (using Multichain), and then finally into ShareLedger (ShareRing App).
Via this time-consuming process, users reportedly had to pay a significantly higher gas fee in order to swap into ShareLedger.
The newly released solution enables clients to skip the ERC20 step and take advantage of a more seamless two-step process of swapping BEP2 (Binance Wallet) into BEP20, then into ShareLedger via the ShareRing app.’
In addition to this, the updated swap module can increase transaction volumes, support both Ethereum (ERC20) and Binance Smart Chain (BEP20), considerably reduce the usage of centralized databases for maintaining transactional data, and enhance overall performance.
Some of the key benefits of this new feature include:
- Faster transactions
- Significantly cheaper gas fees (since most of the transactions will be made on ShareLedger rather than on Ethereum)
- Increased efficiency when swapping $SHR into SLP3
- Usage of EIP712 to sign and verify the app