The court between Ripple and the SEC moved again

The lawsuit between the cryptocurrency company Ripple and the US Securities and Exchange Commission (SEC) is a unique event that makes crypto lovers wait for news about the ongoing case.

This time, the silence was broken by a request from the SEC, which asked the court not to declassify certain documents related to their former director of corporate finance, William Hinman. Ripple, in turn, has previously filed a petition asking to classify some documents related to the summary judgments.

According to Ripple, who previously sent an official request to Analissa Torres, who is leading the Ripple-SEC case. The company said it had made some edits, but still requested that certain documents be kept from the public because their contents are “very sensitive and confidential.”

A similar statement has now been filed by the Securities and Exchange Commission. The SEC says they are not ready to release documents from William Hinman, who previously served as director of corporate finance, to the public at this time:

The Securities and Exchange Commission respectfully maintains that Hinman's speech documents are protected by privilege.

But if these documents became public, the SEC would be denied the right to make such arguments in the future (when appealing this or other litigation), which would cause great damage to the SEC.

Jeremy Hogan, a lawyer defending the interests of Ripple, did not stand aside and commented on the SEC request. According to him, the US Securities and Exchange Commission such actions only stir up interest and they really have something to hide:

The SEC STILL maintains that Hinman's emails are privileged despite the fact that this issue has already been played about 100 times. Blows my mind. And makes me again and again interested in what is in them.

Bill Morgan, who also works in legal services, said that the SEC could hint at a threat in this way, since they already know that Analisa Torres is not authorized to release William Hinmag's documents, since the case is under summary judgment.

The SEC's motion to withhold documents makes it clear that the former CFO has the SEC's top priority in "exercising its own right."

Against the backdrop of such news and a petition from the SEC, the value of XRP almost did not change, which indicates the mood of investors regarding this cryptocurrency. Although Ripple is not close to victory, such a request from the US Securities and Exchange Commission can be considered weakness. This means that XRP feel quite confident in this field.

In December 2020, the SEC sued Ripple, accusing the latter of conducting an initial offering without prior registration with all the necessary procedures. Before March 31, US Judge Analisa Torres is due to deliver a verdict.

Many representatives of the cryptocurrency and economic industries note that the SEC should develop a certain set of rules under which digital assets should adapt. Thus, they are required to come to certain standards if they want to engage in the regulation of cryptocurrencies. According to the US Securities and Exchange Commission, this is not necessary and digital assets should be subject to the same regulatory process as conventional securities.

Ripple CEO Brad Garlinghouse believes that the SEC simply does not want to do the work to create regulations and the US Securities and Exchange Commission makes it easier to simply compare digital assets with securities, although this does not make sense.

Many in the cryptocurrency industry believe that the industry is in dire need of Ripple's victory, and this court hearing could mark not only XRP, but also the victory of the entire cryptocurrency sphere. Otherwise, digital assets run the risk of being heavily regulated by the US authorities, which will lead to not the most pleasant consequences.