Ripple Closer to Victory, Court Orders SEC Over “Hinman” Documents

Ripple’s general counsel Stuart Alderoty has just revealed that the U.S. Securities and Exchange Commission has finally complied with the court order to turn over the long-demanded Hinman documents. 

Alderoty made the revelation via Twitter, celebrating the move as a victory for Ripple as the documents strengthen the blockchain company’s legal arguments. 

He added that the documents are internal SEC emails and drafts of the regulator’s former director of corporation finance infamous 2018 speech, are still sealed from the public. 

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: HINMAN DOCS TURNED OVER TO RIPPLE. SEE BELOW FROM @s_alderoty https://t.co/xBc6IeTWiB

— James K. Filan 🇺🇸🇮🇪 120k (beware of imposters) (@FilanLaw) October 20, 2022

“While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them. I’ve always felt good about our legal arguments, and I feel even better now,” he wrote. “I always felt bad about the SEC’s tactics, and I feel even worse about them now.”

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Ripple not compromising on its position

The SEC turned in the documents in compliance with a court order passed late last month by U.S. District Court Judge Analisa Torres. Before the latest ruling, the securities watchdog had flouted six other orders to turn in the documents. 

Meanwhile, Ripple is not shifting grounds on its position that the SEC has no legal grounds to prove that XRP Ledger blockchain’s native token XRP is a security. 

In a newly unsealed memorandum of law filed by Ripple defendants to object to the SEC’s motion for summary judgment, the company argued that the SEC is still employing tactics that amount to overreach.