Ripple Finally Obtains Crucial Documents Against SEC Called “The Hinman Documents”

The Securities and Exchange Commission (SEC) has turned over a veritable treasure trove of emails and documents to Ripple, creators of the XRP cryptocurrency. Ripple is currently battling the regulatory agency in court over allegations that XRP was sold illegally as an unregistered security.

Getting  The Long-sought Document

On Thursday, Ripple’s general counsel, Stuart Alderoty, announced victory in the 18-month battle (in the larger war) over discovery documents known as “the Hinman documents.”

“Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them,” he said on his Twitter account. 

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Documents concern former SEC director William Hinman’s now-infamous 2018 speech claiming Ethereum wasn’t subject to federal securities regulations because it is “sufficiently decentralized” as opposed to Bitcoin.

Hinman’s remarks on that day represent the greatest cloud looming over ongoing questions about crypto regulation, and they played a crucial role in the SEC’s lawsuit against Ripple in December 2020 as ans unregistered security.

SEC Attempt to Prevent Ripple to Access The Document

A federal district judge overruled the SEC’s repeated efforts to deny Ripple access to the documents last month, which Ripple believes will unveil internal deliberations and discussions leading up to the controversial declaration that seems to favor Bitcoin and Ethereum, at the expense of alternatives like XRP.

Some industry watchers believed that Ripple’s case wouldn’t be strengthened by obtaining the documents in January, but according to Alderoty, those assumptions were incorrect.

“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. I always felt bad about the SEC’s tactics, and I feel even worse about them now,” he tweeted.

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Garlinghouse also reacted to the announcement from his general counsel by calling the SEC out on its claim to care about “disclosure, transparency, and clarity,” saying “don’t believe them.”

“The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you,” he said. 

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Jamilatul Mahmudah

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