The case between Ripple and the Securities Exchnage Commission (SEC) has turned its focus once again on the controversial Hinman speech documents over their unsealing.
In this line, in a recent development, pro-XRP lawyer James Filan in a tweet on February 22, revealed that journalist Roslyn Layton had filed an amended motion to intervene to petition the court for access to the Hinman speech.
Layton had previously filed a request for access to the speech documents where she argued that the SEC had offered the documents in support of its own summary judgment motion when the regulator had not done so, citing an error.
“Dr. Layton’s original request suggested that the SEC had offered the Hinman Speech Documents in support of its own summary judgment motion when that was not the case. Dr. Layton’s counsel apologizes for the error,” the motion read.
Documents to help Ripple in defense
Layton clarified her request and argued that the documents are critical to the case and should be made available to the public. She argued that the documents could shed light on the SEC’s views on the regulatory status of cryptocurrencies and could help Ripple in its defense against the SEC’s allegations that its XRP token is a security.
Notably, the documents refer to a 2018 speech by the former SEC Director of Corporation Finance, William Hinman, regarding the regulatory status of cryptocurrencies.
The SEC had previously refused to produce the documents, citing the preservation of confidentiality. Ripple has also requested access to the speech, arguing that they are relevant to the case and could be crucial to its defense. Notably, in the speech, Hinman referred to (BTC) and Ethereum (ETH) as non-securities, a factor Ripple supporters believe could also apply to XRP.
In the meantime, pro-XRP lawyer John Deaton has argued that the documents will eventually be made public.
Background of Ripple v. SEC
The legal battle between Ripple and the SEC has been ongoing since entering the third year when the blockchain company was sued for selling unregistered securities in the form of XRP tokens.
On the other hand, Ripple has accused the SEC of acting in bad faith and causing harm to the company and its investors. The case outcome is being closely watched by the cryptocurrency industry, as it could have significant implications for the regulatory status of cryptocurrencies in the United States.
XRP price analysis
By press time, XRP was trading at $0.39 with daily gains of about 0.1%.
The token is currently controlling a market cap of $19.86 billion.
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