Defense lawyer and pro-Ripple attorney James K. Filan has shared a new update with respect to the ongoing lawsuit between Ripple Labs Inc and the United States Securities and Exchange Commission (SEC). Per the update shared, media personality and senior contributor to Forbes Dr. Roslyn Layton has filed a motion to gain access to the closely guarded Hinman speech documents.
According to the details of the petition, Roslyn argued that both the First Amendment and Federal common law endow the press and the public with a "potent and fundamental presumptive right" to access "judicial documents." The petition said this right is being exercised in order to make the court accountable.
The Hinman speech has largely remained the most controversial aspect of this ongoing lawsuit. There was a significant battle by Ripple lawyers to get the court to order the SEC to release the documents for review. The Hinman speech, given back in June 2018, drew inferences as to what makes Bitcoin (BTC) and Ethereum (ETH) nonsecurities, a claim Ripple believes can also be applied to the XRP digital currency.
As far as the petition goes, Roslyn argued that the court is obligated to order the release of the speech given the high interest in the case.
The release of the Hinman speech can have a significant influence in skewing public opinion about how Ripple is in the clear with respect to this case. Already, the clarity the Hinman speech gives with respect to the undue classification of XRP as a security has been postulated as a basis for seeking a settlement by some lawyers.
Many believe the Ripple and SEC lawsuit is one of the most crucial for the emerging crypto industry. A significant precedent is bound to be set either way the case ends. However, a win for Ripple will likely redirect the commission's approach to regulation moving forward.