Prominent defense attorney James K. Filan, who has previously served as a federal prosecutor, anticipates that the controversial Hinman Speech documents will be disclosed to the public no later than June 6. This prediction is based on an earlier court directive.
Named after the former director of the Securities and Exchange Commission’s (SEC) division of corporation finance, Bill Hinman, these documents center around a pivotal speech delivered in 2018. In this address, Hinman expressed his belief that Ether should not be classified as a security, which ignited extensive internal dialogue and deliberation within the SEC.
Tracking the SEC vs Ripple Battle
Filan has been closely tracking the SEC vs Ripple legal battle over recent years, offering consistent updates and insights to the public. On May 17, he took to Twitter to present a timeline for the anticipated public release of the Hinman Speech documents.
His post explains: “Based on the Court’s Order dated 9/12/2022, all parties are granted a 21-day period to submit public, redacted versions of Summary Judgment documents in line with the sealing verdict. Counting from yesterday’s ruling, June 6th marks the end of this 21-day timeframe.”
While this timeline seems clear, some speculate it could be altered should the SEC opt to appeal, or if the case reaches a settlement stage.
Jeremy Hogan, a partner at Hogan & Hogan and another legal professional monitoring the case, points out that the SEC has approximately ten days to register an appeal against this specific directive.
Others, including notable figures in the XRP community like AshleyPROSPER1, suggest that the impending disclosure of these documents could catalyze either party to seek a settlement. This is because both parties might possess information they would prefer to remain confidential.
Ripple’s Stance on the Document Release
On May 16, through a tweet, Ripple CEO Brad Garlinghouse indicated Ripple’s eagerness for the unedited Hinman emails to be made available to the public shortly.
While having had access to the documents for some time, Ripple Labs believes these to be a critical part of its defense. This is particularly true in light of the SEC’s insistence that XRP meets the criteria for classification as a security.
The SEC lodged a motion in late December to keep the documents sealed from the public, arguing their lack of relevance to the case’s final judgment. They further contended that their agency’s mission superseded the “public’s right” to view the documents.
However, Ripple Labs celebrated a significant victory this week after the motion was officially rejected on May 16. As the countdown begins to unsealing the documents, all eyes remain fixed on the ongoing SEC vs Ripple case.
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