Ripple Case: This Is The Reason The SEC Refuses To Reveal The Contents Of William Hinman's Speech

JAKARTA – Ripple's feud with the US Securities and Exchange Commission has not found its light since it began in December 2020. In a recent development, the SEC has asked Judge Sarah Netburn for permission to refuse to open William Hinman's speech.

Previously, Hinman stated that XRP is a security in a speech in 2018. While ETH and BTC are not securities. The court has urged US regulators to make documents related to Hinman's speech publicly available. However, the SEC rejected the court's demands.

According to a recent report, the SEC has asked Judge Sarah Netburn for permission to file a 30-page preamble and a 10-page short reply to support her objection to a court order that compels them to disclose the contents of Hinman's speech.

In response to court orders, the SEC repeatedly refused to submit emails related to Hinman's 2018 speech. The SEC argued that the emails were protected by the DPP (deliberate process privilege) privacy rights laws. Then in May, a court ordered regulatory oversight to issue a draft of the controversial speech.

But in April, the court rejected the SEC's motion. The court asked the agency to review the DPP's privilege decision in an effort to pressure the SEC to disclose the content of Hinman's controversial speech.

The SEC further disclosed that the document containing Hinman's speech contained “confidential information,” as reported by U.today. But the court rejected that argument.

The SEC's feud with Ripple is predicted to continue until 2023. Recently, US congressman Brad Sherman issued a statement confirming the content of Hinman's speech by declaring that XRP is a security.