A motion from the United States securities regulator to seal the controversial Hinman documents has been denied — a move that has been seen as a win for the Ripple and crypto community.
Judge Analisa Torres for the U.S. District Court ruled that the documents are “judicial documents” subject to a strong presumption of public access.
“The Hinman Speech Documents “would reasonably have the tendency to influence [the Court’s] ruling on a motion,” she added.
Judge Torres also said the court is rejecting the U.S. Securities and Exchange Commission’s (SEC’s) argument that sealing the documents is necessary to preserve “openness and candor” within the SEC.
“The Hinman Speech Documents are not protected by the deliberative process privilege because they do not relate to an agency position, decision or policy.”
The price of Ripple’s XRP (XRP) spiked on the news, jumping around 2.6%. It is currently trading at $0.43.
Hinman Speech docs will not be sealed; p.5. Judge makes clear they should be open regardless of their impact in a decision. States it neither stifles SEC deliberation nor is the SEC’s “prophylactic” concern it could be priveleged in the future convince. pic.twitter.com/73YXhZszNY
— WrathofKahneman (@WKahneman) May 16, 2023
This is a developing story, and further information will be added as it becomes available.