Ripple vs SEC :  Will SEC Produce The Hinman Documents?

The Ripple vs. SEC case was filed in December 2020 and is making headlines to date. 

Initially, the lawsuit was based on the allegations that Ripple raised $1.3 billion through illegal means and its native coin, XRP, is a security.

Among many exchanges of arguments, William Hinman’s speech stands out. William Hinman, the Director of Securities and Exchange Commission, had spoken about Ethereum in one of his lectures at the Yahoo Markets Summit, where-in he claimed that Ethereum was a non-security. Ripple is using this claim to prove XRP token is not a security either. 

Ripple has been asking the SEC to provide the documents related to the speech, but the SEC has kept it on hold. Finally, on July 13, the judiciary asked the SEC to produce all the documents of the Hinman speech.

SEC Not In Favor Of Producing Hinman Documents

The latest update in the case is that the SEC has marked its opposition against the court’s judgment. Accordingly, the commission is now appealing to the court to grant permission to present a brief opening which is of 30-page and 10-page reply for stating why it is against the court’s order to reveal the Hinman-related documents.

Court To Revoke XRP Holder’s Amici Status?

The following argument that plays a crucial role in the lawsuit is the amici status of the XRP holders. 

The Amici status considers the status holders as the court’s friend and allows them to file briefs on the court hearings. Now, the SEC wants this amici status of XRP holders to be taken aback; hence has requested the same with the court.

In reply to the above request, XRP attorney, John Deaton, blamed the SEC and its Chairperson gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman for a detailed plan that is now being executed. 

All we can do is wait for the court’s verdict toward the appeal by SEC