The U.S. Securities and Exchange Commission’s attempt to seal the controversial Hinman Speech documents has been denied. The motion to seal the documents was filed on December 22, 2022, with the SEC claiming that the “public’s right” to access documents had “no relevance” to the court’s summary judgment. However, Judge Analisa Torres of the U.S. District Courtrejected the request, stating that the Hinman Speech Documents were “judicial documents” and their content would significantly influence the court’s decision-making process. The court also denied certain motions to seal from Ripple, including references linking Ripple’s revenues with XRP sales and the amount of compensation given to trading platforms.
Ripple considers the Hinman speech documents to be a crucial part of its ongoing legal battle with the SEC. William Hinman delivered the speech as former SEC Corporation Finance Division Director in June 2018, indicating that Ethereum (ETH) is not a security. The SEC has accused Ripple’s XRP sales of violating US security laws. The court has granted the SEC’s request that names, identifying information of SEC experts and XRP investors be redacted, alongside personal and financial details regarding the defendants. However, the court has ruled that the Hinman Speech documents will be made public. The price of XRP saw an increase of around 2.6% on the back of this development and it is currently trading at $0.43.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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