The U.S. Securities and Exchange Commission (SEC) and Ripple have jointly requested a one-week grace period. expansion To unseal internal deliberations regarding a speech by former director William Hinman. The request comes amid calls for more time for both parties to present evidence, including the Hinman Dossier, which has material implications for the ongoing Ripple v. SEC litigation.
Torres District Judge Grants Extension
District Judge Analisa Torres of the United States District Court for the Southern District of New York granted the extension motion and set a new filing date of June 13. The decision was welcomed by defense attorney and former federal prosecutor James Filan, who has been closely monitoring the case.
The Hinman Papers and the Ripple-SEC Case
The Hinman documents consist primarily of a June 2018 speech given by former SEC Commissioner William Hinman. In that talk, Hinman said Ether, the native token of the Ethereum blockchain, is not a security. These documents are crucial in determining the regulatory status of Ripple’s XRP cryptocurrency.
Motion to seal internal communications
Last December, the SEC took steps to block internal communications, including emails, text messages, and expert reports related to Hinman’s speech on the Ripple scandal. The SEC argued that these documents were unrelated to the court’s summary judgment and that the SEC’s mission overrides public access to such records.
Judge Torres Denies Petition
Earlier this week, Judge Torres denied the SEC’s motion to seal the internal hearing. She emphasized that the Hinman speech papers are considered “judicial papers” and therefore subject to a strong presumption of public access. The judge further said those documents could influence the court’s ruling on pending claims.
Impact on the cryptocurrency industry
The Ripple and SEC litigation extends beyond Ripple and XRP, as the court’s ruling could set a precedent for how other cryptocurrencies are regulated and classified. If a court considers XRP to be a security, other cryptocurrencies could be similarly classified and subject to strict securities regulation. On the other hand, if it is ruled that XRP is not a security, other cryptocurrencies with similar characteristics may be exempt from such regulation.
Ripple SEC Update: How Will This Affect Cryptocurrencies?
The outcome of the Ripple-SEC lawsuit will have significant ramifications for the entire cryptocurrency industry. This has the potential to shape the way cryptocurrency companies operate and are regulated in the future. As the case unfolds, its implications will be closely monitored by industry players and regulators around the world.
SEC legal battle against cryptocurrency firms
It is important to note that the SEC has also initiated legal action against other cryptocurrency companies. In addition to Ripple, law enforcement action has also been taken against crypto exchanges Kraken and Bittrex, as well as crypto lending platform Nexo. The commission has threatened to sue Coinbase. These actions demonstrate the SEC’s commitment to regulating the cryptocurrency industry and ensuring compliance with securities laws.
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