A motion by the US securities regulator to seal the controversial Hinman Speech documents has been denied – a move that has been seen as a victory for the Ripple and cryptocurrency community.
The US Securities and Exchange Commission filed the motion to seal the documents on December 22, 2022, arguing that its mission outweighed the “public’s right” to access documents that have “no relevance” to the trial decision. court summary, among other arguments.
However, under the most recent order, US District Court Judge Analisa Torres ruled that the documents are “court documents” subject to a strong presumption of public access.
“Hinman’s speech documents “would reasonably have a tendency to influence the decision [del Tribunal] on a motion,” he added.
Judge Torres said the court has also rejected the SEC’s argument that the sealing of the documents is necessary to preserve “openness and candor” within the SEC, stating:
“The Hinman Speech documents are not protected by deliberative process privilege because they do not address an agency position, decision or policy.”
The Hinman Speech documents refer to a speech given by former SEC Division of Corporate Finance head William Hinman at the Yahoo Finance All Markets Summit in June 2018, where he allegedly claimed that Ether (ETH) does not is a value.
Ripple has viewed the speech as key evidence in its ongoing legal battle with the SEC, which alleges that Ripple’s sales of XRP (XRP) violated United States securities laws.
The price of XRP spiked on the news, rising around 2.6%. It is currently trading at $0.43.
Hinman Speech documents will not be sealed; p.5. Judge makes clear they should be open regardless of their impact on a decision. States it neither stifles SEC deliberation nor is the SEC’s “prophylactic” concern it could be privileged in the future convince. https://t.co/tCS5cpgsQO pic.twitter.com/73YXhZszNY
—WrathofKahneman (@WKahneman) May 16, 2023
Update (May 16, 10:50pm UTC): This article has been updated to include background information and more details from the May 16 court filing.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.