Ripple case: SEC Hinman documents must become public on June 6, attorney suggests

Attorney and former federal prosecutor James K. Filan expects the infamous Hinman Speech documents to be made public by June 6, citing an earlier court order.

The Hinman documents relate to a 2018 speech by Bill Hinman, former director of the Securities and Exchange Commission’s (SEC) finance department, who essentially stated that Ether (ETH) was not a security. The documents include the SEC’s internal discussion and deliberations surrounding this speech.

In a May 17 Twitter thread, Filan, who has been actively following the SEC vs Ripple case for the past few years, provided an update on when the documents could be unsealed to the public.

“Under the court order dated 9/12/2022, the parties have 21 days to file public, redacted versions of the summary proceedings documents that are consistent with the sealing ruling. June 6 is 21 days after yesterday’s ruling,” he wrote.

#XRPCommunity #SECGov v. #Ripple #XRP Update on timing as to when we should see the ordered documents unsealed. According to the court order of 9/12/2022, the parties have 21 days to submit public, redacted versions of the summary proceedings documents that are in accordance with the seal… pic.twitter.com/doV5fUxDG5

— James K. Filan (@FilanLaw) May 17, 2023

However, some believe that the stated timeline could be affected if the SEC files an appeal or if the case reaches a settlement.

Another attorney following the case, Jeremy Hogan, a partner at Hogan & Hogan, noted the SEC has approximately 10 days to appeal this particular order.

Others in the XRP community like @AshleyPROSPER1, believes that the prospect of the documents being unsealed could push both sides to pursue a settlement, as they may both have information they don’t want the public to get their hands on.

However, a Twitter post from Ripple CEO Brad Garlinghouse on May 16 suggests they would like the unredacted Hinman emails to be “publicly available soon.”

Another win for transparency! Unredacted emails from Hinman will soon be publicly available – stay tuned as the attorneys work through the mechanisms to make that happen.

— Brad Garlinghouse (@bgarlinghouse) May 16, 2023

While Ripple Labs has had that for a long time access to the documents, it considers this aspect of the case a key piece of evidence in its defense against the SEC and its claims that XRP falls under the classification of a security.

Related: Ripple is acquiring Swiss blockchain custodian company Metaco for $250 million

The SEC filed a motion in late December to seal the documents from the public, arguing that the documents are “irrelevant” to the final outcome of the case, along with the SEC’s mission overriding the “right of the public” to access the documents.

Ripple Labs recorded a victory this week after the motion was officially rejected on May 16.

1. Yes

2. The SEC has 10 days for review, so I’m assuming Ripple is asking them about that today… if the answer is “we’re not” they could be released sooner I imagine.

— Jeremy Hogan (@lawyerjeremy1) May 17, 2023

magazine: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Last Word?