Ripple Scores Win in XRP Securities Lawsuit: Hinman Speech Stands

During trial, a judge denied the motion to seal the Bill Hinman speech on cryptocurrency, giving Ripple a win in the SEC’s securities lawsuit.

Key Takeaways

• Judge Analisa Torres denies the motion to seal the Bill Hinman speech in the SEC vs Ripple trial.

• The speech has the former SEC commissioner stating that he doesn't see Bitcoin or Ether as securities.

Judge Analisa Torres denied the Securities and Exchange Commission’s (SEC) motion to seal documents related to a controversial speech on cryptocurrency by former SEC official Bill Hinman. Judge Torres wrote in the court document: 

“They are judicial documents subject to a strong presumption of public access.”

The SEC sued Ripple Labs in December 2020, alleging that Ripple sold XRP as an unregistered security, but Ripple has argued that XRP is not and has not been a security.

However, the driving force that Ripple banked on was the Hinman speech. Hinman, who was then the director of the SEC’s Division of Corporation Finance, said in the speech that he did not believe that Bitcoin nor Ether was a security.

Read More: https://cryptobriefing.com/ripple-scores-win-xrp-securities-lawsuit-hinman-speech-stands/