Yesterday, the XRP news reported that Ripple won a major victory in the lawsuit against the Securities and Exchange Commission (SEC). The so-called Hinman documents cannot be sealed by the judge, something the SEC would have liked to see happen. But when will these documents be made public? A lawyer who follows the case closely shares his expectation.
Ripple lawsuit sees interesting twist
To be precise, these are documents about a speech by William Hinman, former director corporate finance at the SEC. The SEC is the regulator of the US securities markets.
In that speech, Hinman allegedly stated that Ethereum (ETH) is not a security, and therefore did not need to be registered with the regulator. Hinman said this in a speech in 2018 based on internal discussions within the SEC.
This would mean that the SEC has certain qualifications with which it determines whether a crypto is a security or not. Based on the speech and the internal discussions that preceded it, Ripple may be in a better position on the matter. Although, of course, it all depends on the judge’s ruling whether Ripple wins or not.
XRP documents made public early next month
Naturally, the crypto community now eagerly awaits the documents. Other projects that may be in the crosshairs of the SEC will also be more than happy to read the documents for their own defense.
Attorney James Filan, who has been following the case for a long time, says on Twitter that the documents are likely to be made public on June 6:
“Update on timing as to when we should see the documents unsealed. According to the court order dated 9/12/2022, the parties have 21 days to file public, redacted versions of the summary proceedings documents that comply with the sealing ruling. June 6 is 21 days after yesterday’s verdict.”
#XRPCommunity #SECGov v. #Ripple #XRP Update on timing regarding when we should see the documents ordered unsealed. According to the Court’s 9/12/2022 Order, the parties have 21 days to file public, redacted versions of Summary Judgment documents consistent with the sealing… pic.twitter.com/doV5fUxDG5
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 17, 2023
However, according to lawyer Jeremy Hogan, the SEC may still appeal the decision of the judge. There it has 10 days the time for. In short, while it is a big and interesting development in the XRP business, it is likely that our patience will have to hold out for a while.