{"id":9725,"date":"2023-05-17T00:38:47","date_gmt":"2023-05-17T04:38:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/judge-torres-rules-that-sec-cannot-seal-hinman-docs-in-ripple-case\/"},"modified":"2023-05-17T00:38:47","modified_gmt":"2023-05-17T04:38:47","slug":"judge-torres-rules-that-sec-cannot-seal-hinman-docs-in-ripple-case","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9725","title":{"rendered":"Judge Torres Rules That SEC Cannot Seal Hinman Docs in Ripple Case"},"content":{"rendered":"
\n

The US Securities and Exchange Commission cannot seal certain documents in connection with a 2018 speech from agency\u2019s former director Bill Hinman in its case against Ripple, a judge ruled on Tuesday.\u00a0<\/p>\n

The SEC wanted to seal entirely the \u201cHinman Speech documents\u201d which have in them \u201cnonpublic deliberations\u201d among SEC officials in connection with that speech, said Judge Analisa Torres of the US District Court for the Southern District of New York.<\/p>\n

In a now infamous speech, the SEC\u2019s former Corporate Finance Director Bill Hinman \u00a0expressing his own views and not that of the SEC, said if a digital asset were to be \u201csufficiently decentralized,\u201d they may no longer be a security \u2014\u00a0which could be beneficial to Ripple\u2019s case.<\/p>\n

The SEC had argued that the documents should be sealed due to the\u00a0 \u201cclear lack of relevance of these documents to the summary judgment motions\u201d and because their disclosure \u201cwould be highly prejudicial to the SEC,\u201d according to the filing.\u00a0<\/p>\n

\u201cThe Court disagrees,\u201d Judge Torres said. \u201cRegardless of whether the Court ultimately determines that the Hinman Speech Documents are admissible, or whether the Court relies on the documents in ruling on the summary judgment motions, they are judicial documents subject to a strong presumption of public access because they are \u2018relevant to the performance of the judicial function and useful in the judicial process.\u2019\u201d<\/p>\n

Judge Torres agreed to keep sealed some of Ripple\u2019s documents, including audited financial statements and forecasts.<\/p>\n

“Audited financial statements, including past financial statements, contain Ripple\u2019s confidential balance sheet, revenue and expense figures, pricing, costs, revenue, profit information about past and present business lines, investments in third parties, litigation expenses and settlements, and other information that could result in sufficiently serious injury to Ripple if publicly disclosed,\u201d Judge Torres said.\u00a0<\/p>\n

SEC v. Ripple\u00a0<\/h2>\n

Ripple has been embroiled in a long-standing dispute with the SEC since 2020 when the agency accused the company as well as Garlinghouse and co-founder Christian Larsen with raising $1.3 billion through the sale of XRP.<\/p>\n

A decision is still expected this year.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission cannot seal certain documents in connection with a 2018 speech from agency\u2019s former director Bill Hinman in its case against Ripple, a judge ruled on Tuesday.\u00a0 The SEC wanted to seal entirely the \u201cHinman Speech documents\u201d which have in them \u201cnonpublic deliberations\u201d among SEC officials in connection with that […]<\/p>\n","protected":false},"author":1,"featured_media":9726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-9725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nJudge Torres Rules That SEC Cannot Seal Hinman Docs in Ripple Case | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission cannot seal certain documents in connection with a 2018 speech from 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