The US Securities and Exchange Commission and Ripple have requested a one-week extension to unheard internal deliberations following a speech by former director William Hinman.
On Friday, both the SEC and Ripple reportedly filed a request seeking an extension of the deadline for the filing of several exhibits, including the Hinman documents.
Later that same day, District Judge Analisa Torres of the US District Court for the Southern District of New York approved the motion, setting June 13 as the new deadline, according to James Filan, a defense attorney and former federal prosecutor. determined in closely monitored.
The SEC and Ripple have “filed a joint letter seeking a one-week extension to June 13, 2023, for public filing,” [redacted] Versions of the cross-motion for summary judgment and accompanying exhibits, including the Hinman material.
The Hinman documents primarily constitute a speech by the former SEC chief in June 2018, during which he declared that ether, the native token of the Ethereum blockchain, is not a security.
Last December, the SEC submitted a motion to seal internal communications such as emails, text messages, and expert reports following a speech by Hinman in the Ripple case.
The organization argued that its mission took priority over the public’s right to access such documents, citing the court’s lack of relevance to the summary judgment decision, among other reasons.
However, earlier this week, Judge Torres denied a motion by the SEC to seal records of internal deliberations.
The federal judge argued that the documents are “judicial documents” subject to a strong presumption of public access,
He added that the Hinman speech documents “will have a tendency to affect a reasonable [the Court’s] decide on a motion.
Ripple-SEC Case Is Precedent-Setting For Crypto
The Ripple-SEC case has implications beyond Ripple and XRP because of how the court’s ruling could set a precedent for how other cryptocurrencies are regulated and classified in the future.
If the court decides that XRP is a security, it could lead to other cryptocurrencies being classified as securities as well, subjecting them to stricter rules governing securities.
On the other hand, if the court decides that XRP is not a security, it could mean that other cryptocurrencies that share the same characteristics as XRP could also be exempt from securities regulations.
The outcome of the Ripple-SEC case will have significant implications for the entire crypto industry and could potentially shape how cryptocurrency companies operate and are regulated going forward.
It is worth noting that the SEC has launched legal battles against some other crypto companies as well.
Specifically, the commission has taken enforcement action against crypto exchanges. Kraken And bittrexAlso crypto lending platform nexoThreatening Coinbase with a lawsuit.