Sunday, June 11, 2023

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. 

Excerpt from Judge Torres’ ruling. Source: USDC

“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.

This is a developing story, and further information will be added as it becomes available.