On May 16, 2023, US District Judge Analisa Torres denied the SEC's request to seal documents related to a 2018 speech by former SEC Head William Hinman. In the speech, Hinman said that Bitcoin and Ethereum were not securities. The SEC accused Ripple of selling XRP as an unregistered security.
The SEC argued that the documents should be sealed because they were deliberative materials that could reveal the agency's thinking on the issue of whether XRP is a security. However, Judge Torres ruled that the documents were not protected by the privilege of deliberative process because they did not relate to an agency position, decision or policy.
The ruling is a victory for Ripple and could be a significant setback for the SEC's case. The documents that were unsealed could provide evidence that the SEC had no legitimate basis for its decision to sue Ripple.
Ripple CEO Brad Garlinghouse tweeted that the ruling was "another victory for transparency" and that it "should make it clear that the SEC's case against Ripple is without merit."
The SEC has yet to rule on the ruling.
