Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
On May 19, James Filan, a defense lawyer and former federal prosecutor who has been closely observing the Securities and Exchange Commission (SEC) vs. Ripple case for several years, provided an update regarding the possible unsealing of the Hinman documents for public viewing.
In a tweet, it was noted that the SEC and Ripple Labs have submitted a “Joint Letter for one week extension, until June 13, 2023, to file public, [redacted] versions of cross-motions for summary judgment and accompanying exhibits, which includes the Hinman materials.”
“public, redacted.”
— James K. Filan (@FilanLaw) May 19, 2023
The Hinman documents relate to a speech delivered in 2018 by Bill Hinman, the former director of the SEC’s corporation finance division. In this speech, Hinman articulated the opinion that Ether (ETH) should not be categorized as a security. These documents include the SEC’s internal discussions and considerations regarding this specific speech.
Related Posts
Some individuals within the crypto community consider the joint petition to be “odd.” Lawyer Fred Rispoli, using the Twitter handle @freddyriz, responded to Filan’s announcement with a tweet stating; “This is weird to me. The parties already had detailed discussions on these redactions the first time around. Could be nothing more than what’s written but it’s just…odd. This gives me the feeling that something has changed and there is a scramble going on behind the scenes.”
This is weird to me. The parties already had detailed discussions on these redactions the first time around. Could be nothing more than what’s written but it’s just…odd. This gives me the feeling that something has changed and there is a scramble going on behind the scenes. https://t.co/MM0kndLvm9
— Fred Rispoli (@freddyriz) May 19, 2023
Related: Breaking: Court victory for Ripple as judge denies SEC motion to seal Hinman docs
On May 18, Ripple CEO Brad Garlinghouse mentioned in an interview with CNBC that the unclear regulations in the United States are likely to prompt more cryptocurrency firms to move operations overseas. Ripple itself is actively looking to recruit and invest internationally due to these regulatory ambiguities.
Garlinghouse’s remarks to CNBC followed closely after Ripple’s acquisition of Swiss blockchain custody firm Metaco for $250M. This acquisition is expected to enable Ripple to broaden its enterprise services to encompass custody, issuance, and settlement of tokenized assets. Ripple anticipates that the institutional crypto-custody market will reach $10 trillion by 2030, as numerous financial leaders plan to implement crypto-custody solutions in the coming years.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
