Anyone who is connected to the cryptocurrency market has heard about the infamous legal battle between SEC and RippleLabs. This tug-o-war has kept crypto investors across the globe fascinated about the outcome and discuss every new move that happens in the matter.
Recently, Ripple CEO Brad Garlinghouse has posted a new update on Twitter about the latest milestone that the firm has managed to achieve.
He hailed the victory a win for the transparency for the stakeholders in the lawsuit. According to his tweet, the emails of the former SEC official William Hinman are set to become unredacted public record soon enough.
To this end, he has added in the tweet that anyone who is pinning for the victory of the RippleLabs must stay tuned to the event as the legal team of defense is working on completing the task.
It is worth noting that the legal team of Ripple has been trying to establish a demurrer by quoting the speech of former SEC official William Hinman.
Court Asks SEC to Disclose the Hinman Speech
A new media report has suggested that the federal judge presiding over the RippleLabs case has motioned SEC to disclose the Hinman speech. The court ruling has directed the regulatory agency that it does not have legal pretext to redact or withhold the speech of its former official Hinman that he issued in 2018.
The speech contained some remarks concerning cryptocurrencies and security regulations. Ripple lawyers have maintained that the Hinman had confirmed that Ethereum was not a security in that speech.
However, at the time of the speech Ethereum was a PoW or Proof-of-Work cryptocurrency network. Furthermore, in his latest congressional hearing the current chief of SEC has refrained from confirming whether Ethereum was a security or a commodity in response to the direct questions.
Nevertheless, it is possible that the legal team of Ripple can gain an upper hand in their legal skirmish against the regulatory agency. It is worth noting that SEC and RippleLabs have been hashing out their legal differences since 2020.
During the year, SEC accused Ripple of raising $1.3 billion via illegal security trading in the form of XRP token.
Hinman Speech has remained the central theme of discussion among XRP investors for quite some time. The email containing the draft of the speech was part of the discovery process under Judge Analisa Torres last year in the District Southern Court of New York. Judge Netburn also ruled that there was no legal pretext for sealing these documents.
However, the judge approved the motion to redact any personal information present in these emails that may hinder the privacy of any individual connected to this case.
On the other hand, she had ruled that the documents were not covered under the deliberative process. This ruling was based on the fact that the speech was issued in a public setting and it did not contain any decision, policy, or position of SEC.
On the other hand, Ripple has continued to redact several company documents under the pretext of contractual agreement and financial information. Judge Torres have approved many of these redactions in favor of Ripple officials backing its claim for specific and targeted information protection and that this data was particularly connected to XRP business model.