Ripple case: SEC won’t be able to seal Hinman’s Ethereum speech documents

Brad Garlinghouse

Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 –

Former member of the SEC, William Hinman specified the status d’Ethereum in 2018 During an official speech. Ripple hopes to exploit the emails of the agent in the trial from XRPqualified as a security by the American regulator.

Tug-of-war drags on between SEC and Ripple over disclosure of William Hinman’s speech in 2018 on crypto and securities. Why such an interest?

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Because on that occasion, the former director of the SEC’s Division of Corporation Finance stated that ether was not a securitya security. Documents or deliberations on which this announcement is based could therefore benefit the defense of Ripple.

A speech that embarrasses the SEC and its policy

The issuer of the XRP has been trying to obtain these elements since 2021. And the courts have once again ruled in favor of the blockchain firm. Brad Garlinghousethe CEO of Ripple, immediately pleased on Twitter.

Another victory for transparency! Hinman’s unredacted emails will soon be available to the public – stay tuned as attorneys work on the mechanics of making this happen.”

For New York Magistrate Analisa Torres, documents related to the speech cannot be sealed by court order. As of January 2022, a judge was already considering that the materials should be turned over to Ripple.

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In the latest ruling, the judge allows the SEC to redact the names and personal information mentioned in the documents. However, the other items “are not protected … because they do not relate to an agency position, decision or policy.

Ripple required to turn over secrets on XRP

The stock market regulator is not backing down, even though the statements of Hinman embarrass. The former executive believed in 2018 that “current Ether offerings and sales are not securities transactions.”

It will still be up to Ripple to exploit these elements for the benefit of the XRP and its arguments. At the same time, the company also has to hand over documents to the courts that it cannot redact as it would like.

The judge considered some redactions to be “overly broad.” Several of these redactions concerned XRP. Ripple wanted to hide references to revenue from token sales.

Similarly, the U.S. firm planned to hide “the compensation offered by Ripple to exchange platforms to list XRP,” the judge said, as well as the amounts of programmatic and institutional sales.

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