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05/18/2023

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Case alert: Controversial Ripple v. SEC documents to be revealed by this date

After Ripple scored a massive victory with District Judge Analisa Torres denying the motion filed by the United States Securities and Exchange Commission (SEC) to seal controversial documents, a possible date...

Case alert: Controversial Ripple v. SEC documents to be revealed by this date

After Ripple scored a massive victory with District Judge Analisa Torres denying the motion filed by the United States Securities and Exchange Commission (SEC) to seal controversial documents, a possible date for their (redacted) revelation has become known.

Indeed, the Court Order from September 9, 2022, states that both parties have exactly 21 days after the sealing ruling to file public, redacted versions of the relevant summary judgment documents, defense attorney James K. Filan shared in a tweet on May 17.

As he specified:

“June 6th is 21 days from yesterday’s ruling.”

Further wins

If the Hinman documents, which refer to a speech that former SEC Division Director William Hinman delivered at a 2018 summit, where he said Bitcoin (BTC) and Ethereum (ETH) were not securities, become public on this day, it would be one of the most important developments for the cryptocurrency community.

As a reminder, the regulator filed a lawsuit against the blockchain company’s management in 2020, accusing it of illegally selling the XRP token, thus allegedly breaking the US securities law, as the SEC argues that XRP is a security – a traded financial instrument representing ownership in a company but has no utility. 

Interestingly, the CEO of Cardano (ADA), Charles Hoskinson, expressed his belief back in December 2022 that Ripple would settle their case by the 15th of that month. However, that did not happen, and Ripple CEO Brad Garlinghouse has said that he would not settle until there is clarity.

No clarity yet

That said, the SEC has recently begun to argue that legislation is not necessary for crypto, moving away from other banking regulators, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC), and the Federal Reserve, as well as both parties in Congress. 

In fact, in its response to the request by the crypto exchange Coinbase for clarification on the regulation of the crypto industry, it said:

“Neither the securities laws nor the Administrative Procedure Act impose on the Securities and Exchange Commission an obligation to issue the broad new regulations regarding ‘digital assets’ Coinbase has requested.”

As things stand, XRP was at press time changing hands at the price of $0.45, representing a 0.12% gain in the last 24 hours, as well as of 4.78% across the previous seven days, as the crypto asset tries to reverse the losses of 13.22% on its monthly chart.

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