Attorney Deaton Highlights Excerpt of Judge Torres' Ruling That Could Affect Ripple's Lawsuit Against SEC
Attorney John E. Deaton has drawn attention to a section of Judge Analisa Torres' latest ruling that could harm Ripple's chances of winning its lawsuit against the SEC. XRP supporters are celebrating Judge Torres' decision to deny the SEC's motion to seal the draft of William Hinman's 2018 speech, and XRP Productions has created a Twitter space to discuss the ruling. However, Deaton has expressed concern that a portion of the ruling could negatively impact Ripple's case, specifically related to financial data and the Howey analysis. The court is making progress towards issuing a summary judgment for the lawsuit, with Ripple expecting it to come before the end of the year.
Ripple Secures Another Win as Judge Denies SEC's Motion to Seal Hinman Speech Documents
Ripple Labs has secured another win in its legal battle against the US Securities and Exchange Commission (SEC). The court denied the SEC's motion to seal the Hinman speech documents, which the agency claimed reflected non-public deliberations by its officials. However, the court overruled the SEC's objections and found that the documents did not fall under the deliberative process or attorney-client privileges as claimed by the SEC. This is a developing story and more updates are expected. Additionally, a list of crypto presale projects and Telegram channels for 2023 has been updated.
Ripple Secures Major Win Against SEC as Hinman Docs to be Made Public Soon
Ripple has won a major victory against the SEC as Judge Analisa Torres ruled that documents related to William Hinman should be made public. Ripple CEO Brad Garlinghouse confirmed that the company's lawyers are working to release the emails. The SEC had argued that the documents should be sealed to preserve "openness and candor," but Judge Torres disagreed and emphasized that the documents could potentially influence the court's decision-making process. The documents are considered judicial documents and should generally be available to the public, regardless of whether they are used as evidence or not.
SEC's Revised Penalty on Crypto Startup LBRY Sparks Debate on Cryptocurrency Classification as Securities
The recent decision by the U.S. Securities and Exchange Commission (SEC) to revise the penalty imposed on LBRY, a crypto startup, has sparked a debate about the agency's approach to classifying cryptocurrencies as securities. The SEC cited LBRY's financial difficulties as the reason for the revision, which has led LBRY to question the SEC's dual narrative regarding its cryptocurrency, LBC. LBRY has also referred to the SEC's Coinbase filing, which sought clarity on how securities laws apply to the market. This situation highlights the need for a comprehensive and clear regulatory framework for cryptocurrencies to strike a balance between protecting investors and fostering innovation.
Judge rules SEC cannot seal "Hinman Speech documents" in Ripple case
A judge has ruled that the US Securities and Exchange Commission cannot seal certain documents related to a 2018 speech by former agency director Bill Hinman in its case against Ripple. The SEC had wanted to seal the "Hinman Speech documents" which contain "nonpublic deliberations" among SEC officials in connection with the speech. The SEC argued that the documents should be sealed due to their lack of relevance to the summary judgment motions and because their disclosure "would be highly prejudicial to the SEC". However, the judge disagreed and stated that the documents are judicial documents subject to a strong presumption of public access. Some of Ripple's documents, including audited financial statements and forecasts, will remain sealed.
Judge Denies SEC's Motion to Seal Hinman Documents in Ripple Lawsuit
In the ongoing legal battle between Ripple and the SEC, the court has denied the SEC's motion to keep the Hinman documents sealed. These documents contain details of a former SEC official who stated that Ether was not a security and are a critical part of Ripple's defense. District Judge Analisa Torres upheld the previous ruling by Judge Netburn, ruling that the SEC cannot seal the documents as they are relevant to the judicial process. The order allows for redactions of personal information but denies redactions related to XRP, causing a 4% surge in its price.
US Judge Rules Against SEC Motion to Seal Controversial Hinman Documents, Seen as Win for Ripple and Crypto Community
The motion to seal the Hinman documents by the US securities regulator has been denied by Judge Analisa Torres for the US District Court. This ruling is seen as a victory for the Ripple and crypto community, as the documents are now subject to a strong presumption of public access. Judge Torres rejected the SEC's argument that sealing the documents was necessary to preserve "openness and candor" within the agency. The price of Ripple's XRP spiked by 2.6% on the news and is currently trading at $0.43. This is a developing story, and more information will be added as it becomes available.
SEC Chairman Emphasizes Existing Rules and Guidelines in Keynote Speech on Regulatory Issues and Crypto Industry
During his keynote speech at the 27th annual Financial Markets Conference, SEC Chairman Gary Gensler emphasized the importance of adhering to existing rules and guidelines. He also addressed concerns that the SEC has not provided sufficient guidance to crypto companies seeking compliance with federal law. While the conference primarily focused on broader financial market issues, the discussion turned to digital assets when moderator Tom Barkin inquired about the ongoing court case involving Coinbase and the SEC’s enforcement efforts in the crypto space. Gensler warned against fraudulent business models prevalent in the industry and offered assistance to crypto firms struggling with compliance. However, critics expressed skepticism about the agency’s outreach, highlighting the absence of a formal registration process with the SEC.
Ledger's Seed Backup Update Causes Panic, Hong Kong Implements New Crypto Regime, and Concerns Over SEC Rule Making
The recent update to Ledger's service has caused concern among the crypto community, as it allows seed phrases to be sent to other companies. While users can opt out, trust has been damaged. Some are requesting a technical explanation of the new feature, as it is unclear if the seed can only be backed up at creation time. Others are urging people to stop using Ledger hardware wallets altogether. Additionally, a new crypto regime in Hong Kong will begin on June 1st, and Pepe (PEPE) has been added to Kraken. Meanwhile, the slow pace of SEC rule making is not only embarrassing for the US, but also poses a real danger. Other regulators have responded to crypto more quickly. Meme coins like #PEPE are being used for money laundering, and Justin Sun has criticized the younger brother of Huobi founder Lilin for obtaining zero-cost HT and selling it, and will burn these HTs. Finally, the Dutch Central Bank has moved $15 billion, including 200,000 kg of bars and coins, with the assistance of police and military.
SEC Chair Gary Gensler: Crypto Markets Are Non-Compliant and Based on False Decentralization Narrative
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has criticized the non-compliant nature of the crypto markets and their false narrative of decentralization. He also pointed out the flaws in the business models of crypto platforms, which are often built on non-compliance and conflicts.
