The Court case between the SEC and Ripple is fast approaching the 2-year mark.
The SEC accused Ripple of selling unlicensed securities, since then, there have been countless back-and-forths, objections, and red tape preventing the courts from reaching any clear resolution on the matter.
One of the key claims of Ripple is on the SEC’s conflict of interest.
This is because Ether was being sold in a similar manner as XRP when founded, but ETH was declared not to be a security by former SEC commissioner William Hinman.
Ripple claims that this could indicate preferential treatment and sought out the transcript of the speech in which Ether was declared to not be a security.
The SEC, however, objected for a long time but was instructed by New York judge Analisa Torres to hand over the transcript last month.
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.
— Stuart Alderoty (@s_alderoty) October 20, 2022
The long anticipated remission of the documents and e-mails related to the speech was announced by Ripple General Counselor Stuart Alderoty, who stated he had seen them and believed they were well worth fighting and anticipating for.
However, the documents will remain private for now, as requested by the SEC.
Alderoty added that although he always believed Ripple was in the right, but the receipt of the said documents has only vindicated his assertion.
“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.”
The new announcement was met with relief from the Ripple community, especially the coin holders.
Although Amid tweets requesting a flurry of virtual champagne corks, Ripple co-founder, Brad Garlinghouse, chimed in to allude to potential wrongdoings by the SEC, alleging that his beliefs about the agency’s conduct have also turned out to be true.
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. https://t.co/rqEzDXEx1A
— Brad Garlinghouse (@bgarlinghouse) October 20, 2022
Hinting at future disclosure of the documents, his claim might be true.
However, the results of the turnover will likely be seen in court soon.