The Ripple vs SEC affair is not about to end. The latest news is that the US regulator wants to seal the transcription of William Hinman’s speech. It is currently held by Ripple who consider it crucial evidence. Does the SEC’s desire to keep this document evoke a reaction of fear?
SEC files motion to block Hinman documents held by Ripple
The lawsuit pitting Ripple against the SEC could still go on despite the crypto company’s claims to the contrary. On October 21, after almost two years and six court orders, Ripple admitted he had access to documents relating to William Hinman’s speech. He is a former director of the financial division of the SEC. The document chronicles Hinman’s June 2018 speech at the Yahoo Finance All Markets Summits declaring that Ethereum (ETH) was not a security.
The SEC then filed a motion on December 22. The goal is to be able to use the document while prohibiting the public from having access to it. The US authority argued that its goals outweigh the public’s right to access documents that are irrelevant to the court’s decision. She also asked that any mention of the documents of the famous speech be redacted from the defendants’ documents.
Is the American regulator in bad shape?
The motion filed by the SEC has some inconsistencies in the speech. The American authority underlines the importance of this document for its defense while affirming that it cannot be used in the trial. The motion clearly indicates that the documents “are not directly relevant to the claims or defenses in this case”.
Ripple believes that disclosing the speech could limit the SEC’s leeway while endangering its representatives. A US judge has also rejected the regulator’s request to block the Hinman documents. He also criticized the authority for acting hypocritically by acting as she did. But one thing is certain, the outcome of this battle will be decisive for the crypto industry.
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