Ripple and the US Securities and Exchange Commission (SEC) have jointly requested additional time to disclose the Hinman documents, sparking speculation about a possible resolution to their ongoing legal battle.
In a letter to District Judge Analisa Torres dated Friday, May 19, both sides argued that the voluminous nature of the materials and the necessary reforms required more time. Notably, while the original deadline was set by the court for 6 June 2023, the parties sought an extension of one week till 13 June.
This development follows Judge Torres’ recent decision earlier this week to deny the SEC’s motion to seal the Hinman documents. On May 16, Judge Torres ruled that the documents were judicial and subject to a strong presumption of public access. The decision was welcomed by Ripple CEO Brad Garlinghouse, who called it “another victory for transparency”.
The documents in question relate to a controversial 2018 speech by former SEC director Bill Hinman, where he said he did not consider bitcoin or ethereum to be securities. Ripple has sought access to these documents, believing they support its argument that XRP should not be classified as a security.
The SEC previously claimed that Hinman’s speech represented his personal views rather than commission policy, and thus the documents should be withheld from public scrutiny. However, a recent ruling by Judge Torres has brought them into the public domain. The decision is another blow to the SEC’s effort to seal these documents after a judge ruled against their efforts last year.
A settlement in the horizon?
Meanwhile, following the events of this week, the prospect of public access to these documents has fueled speculation about a possible settlement between Ripple and the SEC.
“Sounds of settlement – since this is a joint filing. The SEC does not want Kraken released here… still feels like a mutually beneficial delay to work on a settlement,” tweeted longtime Ripple supporter Hugh Breslin.
,my thoughts exactly!” another Ripple proponent wrote, replying to Breslin.
That said, it is important to note that the outcome of this high-profile lawsuit has significant implications for the regulation of digital assets not only in the United States, but also globally. This is because it has the potential to provide clarity on the classification of cryptocurrencies and shape the future regulatory framework.
That said, as the parties await Judge Torres’ decision regarding the requested extension, Ripple’s followers are waiting impatiently as the decision will hold significant significance in the SEC’s stance on digital assets and the future of Ripple’s XRP. may provide insight.