- The SEC’s motion to keep the infamous Hinman documents sealed has been denied by the court.
- District judge Analisa Torres’ latest ruling comes in the closely watched legal battle between the SEC and Ripple.
- The Hinman documents contain details of a former top-ranking SEC official who stated that Ether was not a security.
- The documents are a critical part of Ripple’s defense in the lawsuit filed by the SEC.
In a major win for Ripple, Judge Analisa Torres of the U.S. District Court for the Southern District of New York has denied the Securities and Exchange Commission’s motion to seal the infamous Hinman documents. The latest ruling comes almost five months after Magistrate Judge Sarah Netburn initially ordered the SEC to hand over the Hinman documents to Ripple as part of the discovery process.
Major Win For Ripple In Legal Battle With The SEC
James K. Filan, a lawyer who has become popular in the crypto community, took to Twitter earlier today to share the latest development in the SEC’s controversial lawsuit against Ripple. District Judge Analisa Torres upheld the previous ruling by Judge Netburn and ruled that the securities regulator cannot seal the Hinman documents since they were relevant to the judicial process.
Sealing these documents would not be related to preserving ‘openness and candor’ within the agency, nor would such an interest be substantial enough to outweigh the strong presumption of public access.”District Judge Analisa Torres
The Hinman documents contain internal communications and statements made by William Hinman, the SEC’s former Director of Corporation Finance. The ex-SEC official stated in 2018 that Ether was not a security. The documents also contain the SEC staff’s preliminary views and legal analysis of XRP. The documents provide an insight into the SEC’s initial stance on XRP, making them a critical part of Ripple’s defense in the lawsuit filed by the securities regulator in December 2020.
The order issued by Judge Torres allowed the SEC to redact the personal information of people named in the documents. The judge also approved several redactions proposed by Ripple in its documents. However, several redactions related to XRP were denied by the judge. News of the latest ruling led to a 4% surge in XRP’s price.