Main navigation

Breaking: Ripple Closer to Victory, Court Orders SEC Over "Hinman" Documents

Fri, 10/21/2022 - 00:05
article image
Wahid Pessarlay
SEC has turned over the long-contested Bill Hinman documents, although under seal
Breaking: Ripple Closer to Victory, Court Orders SEC Over "Hinman" Documents
Cover image via
Read U.TODAY on
Google News

Ripple's general counsel Stuart Alderoty has just revealed that the U.S. Securities and Exchange Commission has finally complied with the court order to turn over the long-demanded Hinman documents. 

Alderoty made the revelation via Twitter, celebrating the move as a victory for Ripple as the documents strengthen the blockchain company's legal arguments. 

He added that the documents are internal SEC emails and drafts of the regulator's former director of corporation finance infamous 2018 speech, are still sealed from the public. 

“While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them. I’ve always felt good about our legal arguments, and I feel even better now,” he wrote. “I always felt bad about the SEC’s tactics, and I feel even worse about them now.”

Ripple not compromising on its position

The SEC turned in the documents in compliance with a court order passed late last month by U.S. District Court Judge Analisa Torres. Before the latest ruling, the securities watchdog had flouted six other orders to turn in the documents. 

Meanwhile, Ripple is not shifting grounds on its position that the SEC has no legal grounds to prove that XRP Ledger blockchain's native token XRP is a security. 

In a newly unsealed memorandum of law filed by Ripple defendants to object to the SEC's motion for summary judgment, the company argued that the SEC is still employing tactics that amount to overreach. 

article image
About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.