In a significant development, Judge Analisa Torres, who presides over the Ripple vs. SEC case, denied the securities regulator’s motion. The motion sought to seal documents related to a speech by former SEC director William Hinman in June 2018. The Hinman documents, according to Judge Torres, are “judicial documents subject to a strong presumption of public access.”
As a result, the judge has ordered the clerk to unseal all of the exhibits covered by her order, which include documents relating to Ripple’s XRP sales and other matters. This decision affected the SEC’s attempt to keep critical information from the public eye.
The filing in response to the movement emphasized the importance of these documents for the judicial process and their accessibility to the public. It also stated that sealing them would not help to maintain “openness and candour” within the agency.
IN DECEMBER, the SEC originally filed the motion to seal internal emails, text messages, and expert reports related to Hinman’s speech. On the other hand, Judge Torres categorically classified these documents as “judicial” and thus required their inclusion.
Ripple CEO Brad Garlinghouse hailed this decision as “another win for transparency!” This decision bodes well for Ripple, fighting the SEC’s allegations of selling unregistered securities. Garlinghouse is optimistic that a decision will be reached by the summer, which could have far-reaching implications for the crypto industry and deal a blow to the SEC’s tendency to overregulate.
Following the announcement, XRP prices increased by nearly 8% in the last 12 hours, with the Ripple cross-border coin trading at $0.457 at the time of writing. It is currently testing resistance at $0.460, similar to where it was at the beginning of May. It has yet to regain the momentum gained in late March when it peaked just below $0.55. Despite recent gains, XRP is still 86.5% lower than its all-time high of $3.40 set in January 2018.
Judge Torres’ denial of the SEC’s motion to seal the Hinman documents is essential to ensure transparency in the Ripple v. SEC case. This decision establishes a precedent for public access to judicial documents and allows Ripple to challenge the SEC’s allegations. The crypto industry awaits the potential ramifications of a favorable verdict for Ripple as the case progresses. At the same time, XRP continues its price recovery but still has a long way to go to reclaim its previous highs.