In the ongoing SEC versus Ripple lawsuit, a significant court ruling has emerged, propelling Ripple’s (XRP) price upwards. Judge Analisa Torres, presiding over the case, denied a plea by the Securities and Exchange Commission (SEC) to conceal documents related to William Hinman, the former SEC director.
The Ripple-SEC dispute, which has been in progress for almost two years, experienced a pivotal moment when the judge dismissed the request to seal call recordings involving Hinman. This development has been perceived as a considerable win for Ripple.
Following the development, the value of the XRP coin experienced a significant boost. The cryptocurrency rallied overnight, exceeding a value of 0.46 from 0.43, marking an impressive increase of over 8% within a four-hour span.
Emphasis on transparency from the court
During his tenure, Hinman made a notable speech in June 2018, which has since become a focal point in the lawsuit. However, Judge Torres rejected Hinman’s request to keep documents associated with this speech confidential, stating these are “forensic documents” that should be publicly accessible. Consequently, she instructed the court clerk to make all the documents in her order publicly available.
Judge Torres has decreed that while the SEC can conceal the personal information of individuals cited in the documents, they are not permitted to seal the documents associated with William Hinman’s 2018 speech on crypto and securities. This noteworthy decision came from U.S. District Judge Analisa Torres, serving the Southern District of New York, in the ongoing lawsuit between the SEC and Ripple, a company closely tied to the XRP cryptocurrency.
Hinman, the former SEC Director of Corporation Finance, had declared during his speech that, in his opinion, ether was not a security. This proclamation has been central to the case, and the related documents cannot be sealed, as per the court order. A preliminary ruling to this effect, requiring the documents to be disclosed to Ripple, was made by Magistrate Judge Sarah Netburn in January 2022.
Ripple’s legal victory
Judge Torres reinforced that these documents – the “Hinman Speech Documents” – are crucial to the judicial process, and are not shielded by the deliberative process privilege as they do not pertain to an agency position, decision, or policy. She further stated that any interest in maintaining ‘openness and candor’ within the agency wouldn’t be substantial enough to counteract the strong presumption of public access by sealing these documents.
In conclusion, the unfolding Ripple-SEC lawsuit saw a pivotal moment as Judge Torres denied the SEC’s request to seal documents related to William Hinman’s 2018 speech. This ruling not only showcases the court’s commitment to transparency but also underscores the relevance of these documents to the case. Following this significant legal victory, Ripple’s associated cryptocurrency, XRP, experienced a substantial surge in value, highlighting the close ties between legal developments and crypto market dynamics. As the case continues, it’s clear that each court decision could have a profound influence on the future trajectory of XRP and other cryptocurrencies alike.