SEC seeks to seal documents in Ripple case

The U.S. Securities and Exchange Commission (SEC) has filed a petition to seal certain documents in the Ripple case. This was disclosed by attorney James Filan.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Motion to Seal certain documents filed in connection with the Motions for Summary Judgment.https://t.co/60zy8zDa2e

— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) December 22, 2022

In particular, the matter concerns the text of a 2018 speech by former director of the regulator’s corporate finance division, William Hinman. He stated that, for various reasons, Bitcoin and Ethereum are not securities.

In the SEC’s view, its mission outweighs the public’s right of access to documents that are not related to the decision in summary judgment.

The agency also asked to “redact” any references to Hinman’s speech on the part of the respondents, seal information about SEC expert witnesses and XRP holders who provided declarations. A similar request applies to internal regulator documents reflecting debates and discussions by officials.

On 2 December Ripple filed its final objections regarding the motion for a summary judgment.

Earlier, the company’s chief executive Brad Garlinghouse spoke positively about the proceedings with the regulator, suggesting it could wrap up by the end of 2022 with completion by the end of 2022.

A partner at the Davis Polk law firm and former SEC official Joseph Hall said the Commission faced high odds of losing the substantive part of the case. However, he expressed doubt about a speedy end to the proceedings.

In August, the SEC declined to disclose internal documents in the Ripple case.

Previously, Fox Business published a wide-ranging investigation into the lawsuit. Journalists concluded that those behind the filing might be affiliated with Ethereum.

Empower Oversight, a non-profit organisation, also highlighted a potential conflict of interest in the actions of former senior SEC officials.

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