SEC and Ripple seek extension for filing unredacted cross-motions

Parties in the ongoing legal battle between the Securities and Exchange Commission (SEC) and Ripple over XRP have submitted a joint letter requesting a one-week extension, until June 13, 2023, to file public, unredacted versions of their cross-motions for summary judgment and accompanying exhibits.

The joint letter encompasses the highly anticipated Hinman materials, adding to the intrigue surrounding the case as both sides prepare their arguments for a decisive legal showdown.

A joint request

The statement means that the involved parties in the legal dispute, namely the Securities and Exchange Commission (SEC) and Ripple, have submitted a joint letter requesting additional time to file public versions of their cross-motions for summary judgment. 

This extension is sought to allow for the inclusion of unredacted exhibits, including the Hinman materials. The Hinman materials likely pertain to relevant information or documents related to a speech made by William Hinman, a former SEC official, that may have implications for the case.

The extension would provide both parties with more time to present their arguments and evidence in an unredacted manner before the specified deadline of June 13, 2023.

This is the first request to extend the deadline. The action opened the door to additional comments from the Twitter community, many of whom suggest that settlement talks may be in the works.

Judges ruling

Prior to this announcement, district judge Analisa Torres ruled against the U.S. Securities and Exchange Commission (SEC) in their attempt to seal documents associated with former official William Hinman’s 2018 speech on cryptocurrency and securities to Ripple.

The judge stated that the documents, known as the “Hinman Speech Documents,” cannot be sealed as they are deemed relevant to the ongoing legal proceedings.

However, judge Torres did allow for the redaction of personal information while ordering the release of the documents to Ripple as part of the discovery process. This ruling followed an earlier decision by magistrate judge Sarah Netburn in January 2022, affirming the need for these documents to be shared with Ripple.

Although it will still be a while for Ripple’s legal problems to be resolved, it is worth noting the recent events are continuing to strengthen investor confidence with another 2% increase in XRP price.