In an interesting update on the Ripple vs. SEC case, former SEC official William Hinman’s emails will be made available to the public following a court ruling. Ripple Labs CEO Brad Garlinghouse took to Twitter to announce this development.
Brad celebrated the minor legal win as the legal battle between Ripple and the SEC continues to heat up. For context, the tussle is over the classification of the XRP token.
In his tweet, Brad referred to it as “Another win for transparency.” He urged the community to stay tuned as the lawyers do their job to make it happen.
Another win for transparency! Unredacted Hinman emails to be publicly available soon – stay tuned as the lawyers work through the mechanics to make that happen. https://t.co/o6puPypRHd https://t.co/qmaLVeQaP8
— Brad Garlinghouse (@bgarlinghouse) May 16, 2023
This announcement is a positive development for Ripple in the case against the Commission as the debate on the classification of Ripple’s native token XRP continues.
The Security and Exchange Commission moved a motion that William Hinman’s document be sealed but was denied by Judge Torres. CEO Brad praised this decision as substantial progress toward transparency.
Ripple has fought back against the SEC’s assertions, claiming that XRP is not a security and should not be subject to the same rules. Hinman’s emails could ultimately bring to light some of SEC’s internal points of view regarding the case.
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- Ripple vs SEC Update: Gary Gensler Refuses to Give a Direct Answer as to Whether XRP is a Security
Some other rulings by the Court
Several more noteworthy decisions are included in the court’s ruling. The SEC’s motion to seal the Hinman speech papers was denied, but its other requests were granted. Ripple’s application to seal was also denied, citing explicit references tying Ripple’s income to XRP sales, among other things.
Third-party pleas to redact identities and the names of public cryptocurrency trading platforms were denied, bringing the case’s transparency to a new high.
This minor win appears to have boosted investor confidence, as XRP has surged over 5% in the last 24 hours at press time. Although Ripple’s legal battles are far from finished, this recent event could play a significant role in molding the narrative surrounding the SEC’s claims as well as the broader discussion about the regulatory landscape for cryptocurrencies.
XRP price today
Live stats from CoinMarketCap shows that Ripple (XRP) is currently selling at $0.4482. It is up 5.38% in the last 24 hours. Furthermore, XRP is ranked #6 on the CoinMarketCap chart with a live market cap of $23,278,851,716 USD.