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Crypto Market News: After Judge Analisa Torres denied the U.S. Securities and Exchange Commission’s (SEC) motion to seal the infamous Hinman speech related documents in XRP lawsuit, more speculation is around about the timeline for Summary Judgement. It is also important to note that the SEC argued Hinman documents should be sealed as they hold no relevance for mentioning in the Summary Judgment motions. However, the court said the documents stand relevant to the judicial function.
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Meanwhile, the crypto community is awaiting the all important Summary Judgement in the Ripple lawsuit, as it could be key to how regulators in the United States look at the crypto market. Whether the Hinman documents order would have any bearing on the Summary Judgement remains to be seen. Since the XRP lawsuit has been filed, the debate around making Hinman documents public picked up as the crypto community demanded what the US SEC was concealing about the speech by former SEC Chair Bill Hinman.
XRP Lawsuit Summary Judgement Close To Completion
US attorney Fred Rispoli said sealing motion order on blocking the Bill Hinman documents could have preponed the Summary Judgement date for XRP lawsuit. He said the Judgement is surely and almost ready to go if not fully ready to go, going by the ruling.
“It is very much any day right now. The main takeaway from the ruling with the motion to seal is that the Summary Judgement ruling is (already) written. Is it 100% written or 98% written is the question.”
However, Ripple CEO Brad Garlinghouse had earlier stated that the company expects a resolution by the end of 2023. Meanwhile, John Deaton, the attorney representing more than 70,000 XRP token holders, shared a possible scenario wherein the XRP sales in the initial years of launch could be deemed unregulated. However, if judge Torres decided to leave it to the jury about excusing the early sales as Ripple lacked fair notice, it could be a victory for Ripple.
In December 2020, the SEC took action against Ripple over raising of over $1.30 billion through an unregistered, ongoing digital asset securities offering. The complaint alleged that Ripple raised funds through the sale of XRP in an unregistered securities offering to investors in the United States and elsewhere.
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